Ferdi Moolman, MTN Nigeria CEO
The much-awaited listing of MTN Nigeria, at the Nigerian Stock Exchange took place yesterday, with the listing of 100% of the issued and paid up ordinary shares of the company by way of introduction.
The company has been promising to list its Nigerian business on the Lagos stock exchange for almost three years. It finally took the bold step on Thursday.
The listing immediately spurred a 10% rise from N90 per share to N99 per share after listing on the premium board of the Nigeria Stock Exchange (NSE) earlier. At the end of trading session, only 5.5 million unit was exchanged with over 67 million bids left unfilled.
That values the wireless carrier at 2 trillion naira ($5.6 billion), making MTN Nigeria the second-biggest company on the NSE. The All-Share index acted accordingly, turning a loss for the day into a slight gain.
With the listing of MTN Nigeria on the Exchange, the total market capitalization rose by c18% to N12.52 trillion from N10.63 trillion the previous day as the market closed bullish, up by 0.54% after 8 consecutive days of decline.
By the listing, MTN Nigeria becomes Nigeria’s only listed Telecoms Company and second most capitalized company on the Exchange after Dangote Cement.
As at Q1 2019, MTN Nigeria remains the leading telecom operator with a contribution of c38% to the total market share. This represents over 65 million subscribers, closely followed by Globacom (c27%), Airtel (c26%) and 9mobile (c10%).
MTN Nigeria Active Data subscribers increased by c6.04% YoY to 46.55 million representing a contribution of 40.15% to the Total Internet Subscribers, with the MTN Group having a total of 236.60 million subscribers with the Nigeria business contributing 25% to the total subscribers while in terms of revenue the Nigeria business contributes c33% to the Group’s revenue.
Prior to the Listing of the MTN Nigeria Communication on the Premium Board of the Nigeria Stock Exchange (NSE), the company released its first financials as a public company (2019 Q1) and held its Analyst presentation during the week. A quick takeaway from the result and presentation is considered below.
