MTN Nigeria Becomes Public Company
MTN Nigeria

One of Nigeria’s top telecommunications firms MTN Nigeria Communications Plc has completed its conversion from a private company to a public company (Plc).

Concise News learned that the conversion to a Plc is a legal requirement and key milestone in the preparatory process for MTN’s listing by introduction on the Nigerian Stock Exchange (NSE).

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The company, this news medium understands, plans to list its shares on NSE before second quarter of 2019.

“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 SEC and NSE to take forward the listing process,” MTN CEO, Ferdi Moolman, said.

MTN had in March 2019 announced its earnings for the 2018 financial year, recording growth above inflation in full service revenue (17.2 per cent) and the addition of nearly six million new subscribers to the network.

It announced Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of N453.1 billion and expanded EBITDA margins to 43.6 per cent (excluding the CBN resolution amount).

The company added 4.5 million active data customers during the year, delivering data revenue growth of 39.3 per cent and expanding to 18.7 million the number of people that it connects to the possibilities that the internet provides.