MTN Nigeria Limited has announced that it has completed its conversion to a Public Liability Company (PLC).
The telecom company in a statement on Wednesday said the conversion to a Plc was a legal requirement and a major step towards getting listed on The Nigerian Stock Exchange.
It said the proposed listing on the NSE would create a new telecoms asset class for investors and give more Nigerians opportunities to invest in the company.
“Our conversion to a Plc is a major step towards listing by introduction on the Nigerian Stock Exchange in the first half of 2019,” Ferdi Moolman, MTN Chief Executive Officer, said. “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 Securities Exchange commission and NSE to take forward the listing process.”
In March this year, MTN announced its earnings for the 2018 financial year, recording growth above inflation in full service revenue of 17.2 per cent and the addition of nearly six million new subscribers to the network.
The company announced Earnings Before Interest, Taxes, Depreciation and Amortisation of N453.1bn and expanded EBITDA margins to 43.6 per cent (excluding the CBN resolution amount).
It added 4.5 million active data customers in 2018, delivering data revenue growth of 39.3 per cent and expanding to 18.7 million the number of people that it connects to the internet.