MTN On Road To List On Nigerian Stock Exchange
South African telecommunication group MTN is finalising plans to list its Nigerian unit on the Nigerian Stock Exchange (NSE) in the first half of 2019. But this will not be followed by any public offer at this moment from potential investors.
MTN Nigeria has said that it will simplify its capital structure prior to the listing. The Nigerian company said its subscriber base now reads 58 million users at the end of 2018, up by 6 million.
The Background
The company had faced a number of fines from it's Nigerian operation which remains the most profitable on the continent if not globally. And it had been accused of not investing in Nigeria nor allowing Nigerian ownership.
Also, about three years after being fines $5.2 billion by the Nigerian Communication Commission for not registering subscribers with biometric, it fell short of the la again. Last year, the Central Bank of Nigeria (CBN) also hammered the telco to the tune of $8.134 billion concerning foreign exchange infractions. Primarily, due to irregular foreign exchange remittances to its parent company in South Africa through four Nigerian banks.
The banks, namely Standard Chartered Bank (StanChart), Stanbic IBTC Limited (Stanbic), Citibank and Diamond Bank Plc conducted the transfers for MTN which amounted to $402.5 million between 2001 and 2006. Funds that could have been invested in Nigeria by way of inter-company loans and equity investments.
2018 Revenue
MTN Nigeria has raked in N453.1 billion Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) in 2018, adding six million subscribers to its network in the year. For both tangible and intangible assets .
The company disclosed this in its annual report released on Thursday in Lagos.
It said that the six million subscribers brought the total number of subscribers in its network to 58 million, adding that the 2018 EBITDA represented 30.8 per cent profit growth.
MTN Nigeria also disclosed its intention to list by an introduction on the Nigerian Stock Exchange in the first half of 2019.
The report showed that service revenue increased by 17.2 per cent, data revenue increased by 39.3 per cent, digital revenue decreased by 58.1 per cent and Fintech revenue increased by 32.7 per cent.
MTN Nigeria has said that it will simplify its capital structure prior to the listing. The Nigerian company said its subscriber base now reads 58 million users at the end of 2018, up by 6 million.
The Background
The company had faced a number of fines from it's Nigerian operation which remains the most profitable on the continent if not globally. And it had been accused of not investing in Nigeria nor allowing Nigerian ownership.
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| Source : Thisdaylive |
Also, about three years after being fines $5.2 billion by the Nigerian Communication Commission for not registering subscribers with biometric, it fell short of the la again. Last year, the Central Bank of Nigeria (CBN) also hammered the telco to the tune of $8.134 billion concerning foreign exchange infractions. Primarily, due to irregular foreign exchange remittances to its parent company in South Africa through four Nigerian banks.
The banks, namely Standard Chartered Bank (StanChart), Stanbic IBTC Limited (Stanbic), Citibank and Diamond Bank Plc conducted the transfers for MTN which amounted to $402.5 million between 2001 and 2006. Funds that could have been invested in Nigeria by way of inter-company loans and equity investments.
2018 Revenue
MTN Nigeria has raked in N453.1 billion Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) in 2018, adding six million subscribers to its network in the year. For both tangible and intangible assets .
The company disclosed this in its annual report released on Thursday in Lagos.
It said that the six million subscribers brought the total number of subscribers in its network to 58 million, adding that the 2018 EBITDA represented 30.8 per cent profit growth.
MTN Nigeria also disclosed its intention to list by an introduction on the Nigerian Stock Exchange in the first half of 2019.
The report showed that service revenue increased by 17.2 per cent, data revenue increased by 39.3 per cent, digital revenue decreased by 58.1 per cent and Fintech revenue increased by 32.7 per cent.
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