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Home Business News

MTN announces close period ahead of Q3 2019 results    

Joseph Olaoluwa by Joseph Olaoluwa
October 12, 2019
in Business News, Company News, Company Results
MTN Nigeria, MTN gives update on USSD charge controversy, MTN’s never-ending $2 billion tax case has a new court date , BREAKING: MTN unveil 5G Network in Nigeria , Vector, some Nigerians pick holes in MTN's data charges
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The Board of Directors of MTN Nigeria Communications Plc has announced that the company would observe a close period of trading from October 14, 2019, until 24 hours after the unaudited financial results for the period ended September 30, 2019, are released to the public.

The statement, which was disclosed in a notification sent to the Nigerian Stock Exchange (NSE), stated that the Board of Directors of the company would hold a meeting on October 29, 2019. Part of the agenda will involve the approval and consideration of the results as well as other items.

[READ MORE: CCNN Plc announces close period ahead of Q3 2019 results] 

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The announcement is in line with rule 17.18 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015) which states that,

“The period of closure shall be effective from fifteen (15) days prior to the date of any meeting of the Board of Directors proposed to be held to consider any of the matters referred to above or the date of circulation of agenda papers pertaining to any of the matters referred to above, whichever is earlier, up to twenty-four hours after the price-sensitive information is submitted to the Exchange. The trading window shall thereafter be opened. Every issuer shall notify the Exchange in advance of the commencement of each closed period.”

MTN On Track To Report $955m Profits From Nigeria

 

Why this matters: The close period will allow the board to consider the company’s unaudited financial statements for the third quarter. Other company issues will also be discussed during the meeting.

What is a close period? A close period is a period before the release of a company’s result or financial statement when of course, those with sensitive information are not allowed to trade on the stock. These individuals may include company directors, audit committee members, persons discharging managerial responsibility, employees and consultants with sensitive information.

[READ ALSO: Okomu Oil Plc announces close period ahead of Q3 2019 results] 

A Nairametrics report disclosed that the number of MTN Nigeria’s internet users dropped to 51.6 million in August, recording a loss of 664,245 Internet subscribers according to the Nigerian Communications Commission.

Responding to the claim, MTN Nigeria blamed the swift depletion of data on a system upgrade. However, this is not the first time MTN Nigeria will be losing internet subscribers. Back in June, the company lost 178,103 internet subscribers.

 


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Tags: MTN NigeriaNigerian Stock Exchange
Joseph Olaoluwa

Joseph Olaoluwa

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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