By Modupe Gbadeyanka
The Nigerian Stock Exchange (NSE) has approved the listing of shares of MTN Nigeria Plc on its trading platform, Business Post has confirmed.
This followed a similar approval given to the nation’s largest telecommunications company by the Securities and Exchange Commission (SEC) last week.
As earlier reported by us, MTN Nigeria Plc will list a total of 20.355 billion units of its shares at N80 to N90 per share on Thursday, May 16, 2019.
Already, the stock exchange has confirmed that the telecom firm will list its shares on its platform tomorrow, precisely on its premium board.
MTN Nigeria is expected to boost the market capitalisation of the NSE by N1.83 trillion when eventually listed tomorrow by way of introduction, the highest after Dangote Cement, which is slightly over N3 trillion.
“The shares of MTN Nigeria Plc will be listed on the Premium Board of the Nigerian Stock Exchange.
“The company will also address capital market stakeholders with a Facts Behind the Listing presentation,” the NSE said in a notice on Wednesday.
At an analyst call on Monday, MTN Nigeria said its total subscribers increased by 3.6 percent year-on-year to 60.3 million in the first quarter of the year, while its data subscribers improved to 20.4 million.
Also, its revenue increased by 13.2 percent year-on-year to N282.0 billion, driven by voice (74.9 percent), data (16.6 percent), financial technology (2.9 percent) and digital (one percent) revenues, with other sources accounting for 4.5 percent.
