The Nigerian Stock Exchange (NSE) Thursday achieved a milestone with the listing of MTN Nigeria Communications Plc’s 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 N90 per share, having traded 5.5 million shares worth N545.59 million in 15 deals.
Speaking at the listing, the company’s Chief Executive Officer, Mr Ferdi Moolman, said the company would contribute to the growth of the country’s bourse. He said the listing would afford Nigerians the opportunity to owe 20 per cent of the company’s shares, noting that the company would float an Initial Public Offering (IPO) at a later date, adding that the IPO would depend on market conditions.
Mr Moolman said that ownership of the telecommunications firm was expected to increase to around 35 per cent from the present 20 per cent after the IPO, explaining that the parent company was willing to dilute its shareholding from the present 78.8 per cent to 65 per cent to enable the local unit be at par with that of other multinationals listed in Nigeria.
He further stated that the company would establish brand leadership and legacy by becoming the first Mobile Network Operator to list on the exchange, stressing “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 said. ”
Culled from nipc.gov.ng
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