MTN Nigeria converts to public company ahead of NSE listing

MTN Nigeria has changed its status from a private company to a public liability company (PLC) ahead of its listing on the Nigerian Stock Exchange.

This conversion is one of the requirements for listing on the exchange.

The company had previously announced that it looks to list on the NSE before July, saying it plans to enter the market by way of listing by introduction.

Speaking on the conversion, Fredi Moolman, MTN CEO, said the listing is part of its commitment to localisation in the markets in which it operates.

“Our conversion to a Plc is a major step towards listing by introduction on the Nigerian Stock Exchange in the first half of 2019,” the telecommunications company said on Wednesday.

“It is a reaffirmation of our long-term commitment to expanding investment opportunities for Nigerians, in addition to providing everyday services to them. We look forward to continuing our engagement with the SEC and NSE to take forward the listing process.”

A listing on the NSE was one of the conditions reached in the resolution of a N330 billion fine placed on the telco by the Nigerian Communications Commission (NCC) for its inability to disconnect improperly registered SIM cards.

For the year ended 2018, the company had announced the addition of 6 million new subscribers and a revenue of N965 billion.

The results, which were announced in March 2019, showed that data revenue grew by 39.3% while internet subscribers grew to 18.7 million.