While making a presentation to investors following its approval to list on the Nigerian Stock Exchange, MTN Nigeria disclosed that it will be preparing local currency financing as its listing on the Nigerian Stock Exchange becomes effective.
According to the telco which is a subsidiary of South Africa’s MTN Group, it has relied solely on local funding to reduce the impact of currency volatility on its business.
MTN Nigeria‘s total debt rose by 44 percent to N252 billion in the first quarter of 2019. The company’s Chief Executive Officer, Ferdi Moolman, said the following:
“This is just the beginning, we still intend to pursue a future public offer giving more Nigerians greater access to the MTN opportunity.”
Nairametrics earlier reported that the company had successfully completed the registration of 20.345 billion ordinary shares of N0.02 each with the Securities and Exchange Commission(SEC).
Nairametrics also reported that when MTN Nigeria finally lists its shares, today, on the NSE at N90 per share, it will become the second largest company on the nation’s bourse after Dangote Cement Plc, with a market capitalisation of N1.83 trillion.
About MTN Nigeria: MTN Nigeria is a subsidiary of MTN Group, Africa’s leading cellular telecommunications company. On May 16, 2001, MTN became the first GSM network to make a call following the globally lauded Nigerian GSM auction conducted by the Nigerian Communications Commission earlier in the year. Thereafter, the company launched full commercial operations beginning with Lagos, Abuja, and Port Harcourt.
Since its launch in August 2001, MTN has steadily deployed its services across Nigeria. It now provides services in 223 cities and towns, more than 10,000 villages and communities and, a growing number of highways across the country; spanning the 36 states of Nigeria and the Federal Capital Territory, Abuja.
The company continues to maintain dominance in the Nigerian telecommunications space. According to available data, the company has 50.4% of the market space, with 58.1 million subscribers as at Q4 of 2018.