Home Business & Economy NSE admits MTN Nigeria on premium board​

NSE admits MTN Nigeria on premium board​

NSE admits MTN Nigeria on premium board​

COMFORT EKELEME

MTN Nigeria Communication Plc Thursday listed its 20.35 billion (20,354,513,050) ordinary shares at N90 per unit on the Premium Board of the Nigerian Stock Exchange (NSE).

The official listing by introduction would encourage other telecommunication industries to list their shares on the exchange, thereby opening the sector up to cheaper, long term capital that will boost innovation and development.

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, a listing segment for the elite group of issuers that meet The exchange’s most stringent corporate governance and listing standards.

This Board features Dangote Cement Plc, FBN Holdings Plc, Zenith International Bank Plc, Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa (UBA) Plc.

Chairman of MTN Nigeria, Dr Paschal Dozie, led the Chief Executive Officer (CEO), Mr. Ferdi Moolman, and other top members of staff of the company to the event.

MTN Nigeria decided to list it’s on the NSE in 2016 after agreeing to pay a $1.7 billion fine to settle a Sim card dispute with the federal government.

Nigeria accounts for a third of MTN’s annual core profit while indigenous investors own 19.4 per cent of the company.

Commenting on the development, National Council President, NSE, Otunba Abimbola Ogunbanjo, said, “We are particularly pleased that MTN Nigeria has joined the prestigious club of companies listed on our Premium Board with this landmark transaction, which will differentiate it as a professionally run telecommunications company with high standards, having met The NSE’s listing criteria. A Premium Board listing is a sign of commitment to strong corporate governance, excellence, professionalism, efficiency in service delivery and providing increased returns to shareholders.  It is our expectation that the MTN Nigeria listing, which is the NSE’s 2nd largest, will encourage other telecommunication companies to list their shares on The Exchange, thereby opening the sector up to cheaper, long term capital that will boost innovation and development.

Chief Executive Officer of NSE, Mr. Oscar N. Onyema said: “We are delighted to welcome MTN Nigeria to the Exchange. 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 exchange continues to retool itself in many ways to remain an attractive destination for issuers, building a more responsive market, by deploying cutting edge technology for trading and reducing market infractions through improved market monitoring and surveillance. The Exchange has also developed a market structure that has resulted in upscale securities listing such as SAHCOL Plc, the most recent company under the Bureau of Public Enterprises (BPE) privatization programme to successfully finalize an initial public offering and list its shares on the exchange”, he said.

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