MTN Nigeria Successfully Converts From limited to PLC.

MTN Nigeria Successfully Converts From limited to PLC.

Nigeria telecom brand MTN has announced that it has successfully completed its conversion from a private company to a public company, in a statement on Wednesday, said that its  conversion to a Plc was a legal requirement and key milestone in the preliminary process for its latest listing introduction on the Nigerian Stock Exchange. Speaking

Nigeria telecom brand MTN has announced that it has successfully completed its conversion from a private company to a public company, in a statement on Wednesday, said that its  conversion to a Plc was a legal requirement and key milestone in the preliminary process for its latest listing introduction on the Nigerian Stock Exchange.

Speaking on the announcement, the MTN Chief Executive Officer, Ferdi Moolman, said, “Our conversion to a Plc is a major step towards listing by introduction on the Nigerian Stock Exchange in the first half of 2019. It is a reaffirmation of our long-term commitment to expanding investment opportunities for Nigerians, in addition to providing everyday services to them. We look forward to continuing our engagement with the Securities and Exchange Commission and the NSE to take forward the listing process.”

The telecom brand mentioned that its proposed listing on the NSE would create a new telecoms asset class for investors and also provide a wider group of Nigerians with the chance to participate in the MTN investment opportunity available to them.

According to the telecom company, the upcoming listing is a key milestone for the MTN group and is part of its commitment to its localization in the markets in which it operates. Adding that the company gained 4.5 million active data customers in 2018, delivering data revenue growth of 39.3 per cent and expanding to 18.7 million the number of people that connects to the possibilities that the Internet provides.

The company also announced its earnings before interest, taxes, depreciation and amortization of N453.1bn and expanded EBITDA margins to 43.6 per cent (excluding the CBN resolution amount).

 

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