Chinenye anuforo
MTN Nigeria has changed its status from a private company to a public liability company (PLC), ahead of its listing on the Nigerian Stock Exchange (NSE). This conversion is one of the requirements for listing on the exchange., the firm stated in a release yesterday. The company had previously announced that it looks to list on the NSE before July, saying it plans to enter the market by way of listing by introduction.
Speaking on the conversion, Fredi Moolman, MTN CEO, said the listing is part of its commitment to localisation in the markets in which it operates.
“Our conversion to a Plc is a major step towards listing by introduction on NSE in the first half of 2019,” the telecommunications company said yesterday.
“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 SEC and NSE to take forward the listing process.”
A listing on NSE is one of the conditions reached in the resolution of a N330 billion fine placed on the telco by the Nigerian Communications Commission (NCC) for its inability to disconnect improperly registered SIM cards.
For the year ended 2018, the company had announced the addition of six million new subscribers and a revenue of N965 billion. The results, which were announced in March 2019, showed that data revenue grew by 39.3 per cent while internet subscribers grew to 18.7 million.
Meanwhile, the Bureau of Public Enterprises, on behalf of the National Council on Privatisation (NCP), says it is now seeking for eligible consultants who will provide advisory services for the concession of the Tafawa Balewa Square (TBS) Complex.
In a document, BPE said all Expression of Interest (EOI) applications must be submitted by Thursday, May 23, at the BPE office in Maitama, Abuja.
Director General of the Infrastructural Concession Regulatory Commission (ICRC), Chidi Izuwah, had previously announced the government’s intention to concession the 50,000-capacity complex.
According to Izuwah, the Federal Government’s intention is to transform the complex into a national trade centre. The TBS Complex, which is located on 45/47, Massey Bamgboshe Street, Lagos, covers 47 acres of land. Eligible consultants are expected to have at least 10 years of relevant experience and the capacity to provide financial, legal, accounting, technical and environmental advisory services.
According to the document, EOIs from eligible firms and consortia must include the following: Profile of firm/consortium including ownership structure, and in the case of a consortium, the role of each member of the consortium and their full contact details; names and curriculum vitae of all staff of the firm/firms in the consortium who will be involved in the assignment, including their qualifications and individual experience in handling similar assignments; copies of unabridged audited financial reports of the firm/lead adviser in the case of a consortium for the last five years (2013 to 2018).