Airtel becomes second telco listed on NSE
…As MTN Nigeria’s share down on equities market
Motolani Oseni
The listing of 3,758,151,504 ordinary shares of Airtel Africa Plc on the Nigerian Stock Exchange (NSE) on Tuesday made it the second telecommunication company that has listed on the Nigerian bourse this year.
But at the close of trading activities on Tuesday, MTN Nigeria performed poorly on the equities market, declining by 0.4 per cent after closing at N129.05 kobo per share. The telco had opened the market at N129.45 kobo.
Just last month, Airtel Africa listed on the London Stock Exchange (LSE) where it had a rather disappointing debut, as the stock slumped 15 per cent, losing about £400 million of its opening valuation.
The telco, however, listed it on the NSE at an offer price of N363 per ordinary share on the Main Board of The Exchange and at 80 pence per ordinary share on the main market of the London Stock Exchange, the primary listing exchange.
The listing of the company’s shares has added N1.36 trillion to the market capitalisation of The Exchange, further deepening the Nigerian capital market. It will also increase the visibility of Airtel Africa to investors on the continent and across the globe.
Airtel Africa, a leading provider of telecommunications and mobile money services, is the holding company of Airtel Networks Limited (Airtel Nigeria) and thirteen (13) other subsidiaries in Africa – Airtel Congo S.A., Airtel Gabon S.A., Celtel Niger S.A., Airtel Congo RDC S.A. (DRC).
Airtel Tanzania Plc, Airtel Networks Zambia Plc, Airtel Networks Kenya Limited, Airtel Tchad S.A., Airtel Madagascar S.A, Airtel Malawi Limited, Airtel Rwanda Limited, Airtel Uganda Limited and Airtel (Seychelles) Limited.
Commenting on the listing, Mr. Oscar N. Onyema, Chief Executive Officer, NSE, commended Airtel Africa Plc for taking the bold step to list on the Exchange.
“Listing on the Exchange reaffirms Airtel Africa’s long-term commitment to expanding opportunities and providing everyday services to Africans and Nigerians in particular.
It also indicates the firm’s belief that our platform, which has a total market capitalization of N25.20Tn across various asset classes, remains a veritable avenue for raising capital and enabling sustainable national growth.
This listing serves to deepen the telecoms and technology sector for investors and provides an opportunity for a wider group of Nigerians to be part of the African telecoms growth story.”
“Today’s listing is a promising development in Africa with Airtel Africa being the second company to have its ordinary shares listed on both the London Stock Exchange and The Nigerian Stock Exchange.
This gives credence to the successful partnership between the two exchanges. I encourage similar situated companies to explore the different opportunities for raising capital on the Exchange’s platform”, Onyema added.
