MTN Nigeria, a part of the MTN Group, Africa’s leading cellular
telecommunications company, is the first telecommunications network provider to
be listed on the NSE Premium Board, a listing segment for the elite group of
issuers that meet The Exchange’s most stringent corporate governance and
listing standards.
The listing of
MTN’s shares finally took place at 2:14 p.m. local time on Thursday, leaving
only a brief window before traders knocked off for the day. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html MTN Nigeria’s shares climbed 10 per
cent from their listing price of N90 after the float went live. The listing
pushed the firm’s worth to over N2 trillion within minutes.
MTN Group, which own 78.8 per cent of
the Nigerian arm, decided to list its local unit on the NSE in 2016, after
agreeing to pay a $1.7 billion fine to settle infractions discovered by the Nigerian Communications Commission (NCC),
on the Subscriber Identification Number (SIM) cards.
Nigeria accounts
for a third of MTN’s yearly core profit, while indigenous investors own 19.4
per cent of the company. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html The South African-based firm currently
controls 38 per cent market share and services 65 million Nigerians.
However, the company is still in the
middle of a $2 billion tax row with Nigeria’s attorney general, which it claims
is delaying a further sale of shares and public offering.
Speaking on the listing, National
Council President, NSE, Otunba Abimbola
Ogunbanjo, said: “A Premium Board listing is a sign
of commitment to strong corporate governance, excellence, professionalism,
efficiency in service delivery and providing increased returns to
shareholders. It is our expectation that
the MTN Nigeria listing, which is the NSE’s 2nd largest, will encourage other
telecommunication companies to list their shares on The Exchange, thereby
opening the sector up to cheaper, long term capital that will boost innovation
and development.”
The Chief Executive Officer, NSE, Oscar Onyema, who also encouraged other
players in the sector to explore the different opportunities in the market to
raise long term capital, said: “Having MTN Nigeria
listed in our market is a testament of The Exchange’s commitment to building a
dynamic and inclusive market, and creating channels for sustainable
investment.
“This listing will promote
liquidity for MTN Nigeria, enhance its value and increase transparency, as our
platform remains one of the best avenues for raising capital and enabling
sustainable growth for national development.”
In confirmation, MTN Nigeria (MTNN)
Plc’s listing on the nation’s bourse yesterday, changed its fortunes by and
halting nine consecutive sessions of downtrend, causing the All-share index to
appreciate by 0.54 per cent.
Specifically, the
All Share Index (ASI) gained 152.11 absolute points, representing a growth of
0.54 per cent to close at 28,438.19 points. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html Similarly, market capitalisation grew
by N1.899 trillion or 17.87 per cent to close at N12.526 trillion due to the
addition of N1.83 trillion market capitalisation of MTN Nigeria.
Analysts at Afrinvest Limited, said: “Following the
significant buying interest on the newly listed MTNN on the Nigerian Stock
Exchange (NSE), we expect the local bourse to maintain its bullish performance
as investors look to extend trade in MTN’s fundamentally sound stock.”
Codros Capital said: “We reiterate our cautious trading pattern in the short term.
Meanwhile, we believe stable macroeconomic fundamentals and compelling
valuation remain supportive of recovery in the mid-to-long term.”
(Guardian)
Are you an exporter? Do you like
to master the contemporary dynamics of non-oil export trade and avoid getting
defrauded by the foreign buyers of your exportable products? Click on the link
below:
Have you ever imagines how the
financial status of your company will grow when more than 20,000 CEOs and top
managers of multinational companies pay for your products and services? For
more information, click on the link below:
http://www.tectono-business.com/2015/07/tectono-business-review-in-conjunction_21.html
No comments:
Post a Comment