Telecom giant, MTN Nigeria has changed its status from a private company to a public liability company (PLC) ahead of its much anticipated listing on the Nigerian Stock Exchange.
The company had long ago announced that it would list on the NSE, but had continued to shift dates for reasons analysts may have to do with the economy and the sanctions they faced in the country. Indeed, listing on the NSE had been one of the conditions reached in the resolution of a N330 billion fine placed on it by the Nigerian Communications Commission (NCC) for its inability to disconnect improperly registered SIM cards.
Recently, however, the company said it would eventually list before July, noting that it pays to enter the market.
The conversion from private to public company is one of the requirements for listing on the exchange.
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.”
MTN had announced the addition of 6 million new subscribers and a revenue of N965 billion for the year ended 2018.
The results, which were announced in March 2019, showed that data revenue grew by 39.3% while internet subscribers grew to 18.7 million.