MTN gains N184bn on first day of trading at NSE

Telecommunications giant, MTN Nigeria Communications Plc on Thursday gained N184 billion on its shares on first day of trading on the Nigerian Stock Exchange (NSE).

The NSE admitted 20.35 billion ordinary shares of MTN Nigeria Communications at N90 per share, as a way of introduction.

The shares, which were listed on the Premium Board of NSE immediately rose by the highest daily allowance price change of 10 per cent or N9 to close at N99 per share.

The National Council President NSE, Otunba Abimbola Ogunbanjo, nktd: “We are particularly pleased that MTN Nigeria has joined the prestigious club of companies listed on our Premium Board with this landmark transaction, which will differentiate it as a professionally run telecommunications company with high standards, having met The NSE’s listing criteria.

“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.

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“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.”

In his reaction, NSE Chief Executive Officer, Mr. Oscar Onyema, said: “We are delighted to welcome MTN Nigeria to the Exchange. Today’s listing is a promising development in the country’s telecommunications sector and we encourage other players in the sector to explore the different opportunities in the capital markets for raising long term capital.

“As a listing platform of choice, today’s listing will add to our bouquet of diverse investment offerings to the public.

“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 and enhance its value.”

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