Mr. Terri Moolman , MTN Chief Executive Officer said that the listing of the company at the Nigerian Stock Exchange (NSE) would afford Nigerians the opportunity to own 20 percent of the company’s shares.
The exchange achieved a milestone with the listing of MTN Nigeria Communications Plc 20.35 billion shares at N99 per share lifting the market capitalisation by N1.83 trillion.
The stock appreciated by N9.00 at the first trading day to close at N99 per share, having traded 5.5 million shares worth N545.59 million in 15 deals.
Moolman said that the company would contribute to the growth of the nation’s bourse, adding that the company would float an Initial Public Offering (IPO) at a later date.
This, he said would depend on market conditions.
Moolman added that ownership of the telecommunications firm was expected to increase to around 35 percent from the present 20 percent after the IPO.
He explained that the parent company was willing to dilute its shareholding from the present 78.8 percent to 65 percent to enable the local unit be at par with that of other multinationals listed in Nigeria.
Moolman said that the company would further establish brand leadership and legacy by becoming the first Mobile Network Operator to list on the exchange.
He said that Nigeria remained a major asset for the company being the largest African economy, largest telecommunications market in Africa as well as leading mobile market.
On issue of delisting, Moolman assured the stockbroking community and investors that the company had come to stay.
“We believe in this market and we are here to stay,” Moolman added.
MM/GIK/APA