After 18 years, MTN lists on NSE — adds N1.83trn to market cap
MTN Nigeria has finally been listed on the Nigerian Stock Exchange.
TheCable reports that the telecommunications giant was listed on the industries sector of the national bourse, 18-years after its first investor call was made by Pascal Dozie, the brain behind the Diamond Bank.
“Our MTN Chairman & CEO have been presented with the official plaque, commemorating this monumental milestone in yet another historical moment for us,” the telco said Thursday.
The listing was concluded at the Nigerian Stock Exchange on Thursday in Lagos.
Speaking at the event, Oscar Onyeama said the telecommunications company has added N1.83 trillion to the market capitalisation of the Nigerian exchange.
“I congratulate the Board and Management of MTN Nigeria on its successful listing on NSE Premium Board. We are delighted to welcome MTN Nigeria to the Exchange,” he said.
“Today’s listing is a promising development in the country’s telecommunications sector and we encourage other players in the sector to explore the different opportunities in the capital markets for raising long term capital.
“As a listing platform of choice, today’s listing will add to our bouquet of diverse investment offerings to the public. Having MTN Nigeria listed in our market is a testament of The Exchange’s commitment to building a dynamic and inclusive market and creating channels for sustainable investment.
“This listing will promote liquidity for MTN Nigeria, enhance its value and increase transparency, as our platform remains one of the best avenues for raising capital and enabling sustainable growth for national development”.
The listing was part of negotiations with Nigerian authorities to reduce the NCC fine of N5.3 trillion for misdeeds with sim card registrations by MTN.
Thursday’s listing was consummated by introduction of 20,354,513,050 ordinary shares of MTN Nigeria at a listing price of N90.00 per share.
MTN Nigeria, a part of the MTN Group, Africa’s leading cellular telecommunications company, is the first telecommunications network provider to be listed on the NSE Premium Board.