On Wednesday 30th September, 2020, MTN Nigeria Communications Plc (NSE Ticker: MTNN) served notice of its board meeting to the Nigerian Stock Exchange (NSE) and the investing public.
The Board of Directors of the telecommunications giant is scheduled to meet on Tuesday, 27th October, 2020., to consider and approve the unaudited financial statements for the nine months ending 30th September, 2020 along with other agenda items.
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In line with NSE post-listing requirements, the company has declared a closed period in respect of transactions on its securities from Friday, 2nd October, 2020 until 24 hours after the unaudited consolidated financial statements have been release to the public.
Accordingly, no director, employee, adviser of the company and their connected persons may directly or indirectly, deal in the securities of the company in any manner during the closed period.
About the company
MTN Nigeria Communications PLC (formerly MTN Nigeria Communications Limited) was incorporated on 8 November 2000 as a private limited liability company under the Companies and Allied Matters Act of Nigeria, Cap C20 LFN 1990.
The Company was granted a license by the Nigerian Communications Commission on 9 February 2001 to undertake the business of building and operating GSM Cellular Network Systems and other related services nation-wide in Nigeria.
The Company commenced operations on 8 August 2001 (commercial launch date). Currently, the Company holds a Unified Access Service License (UASL) in addition to a 2GHz Spectrum and Digital Terrestrial TV Broadcasting license, in addition to others shown in note 19.
On 18 April 2019, MTN Nigeria Communications Limited re-registered as a public limited company, MTN Nigeria Communications PLC.
The Company was listed by introduction on the Premium Board of the Nigerian Stock Exchange on 16 May 2019. The Company’s registered office is at 4, Aromire road, off Alfred Rewane Road, Ikoyi Lagos.
MTN Nigeria Communications PLC’s subsidiaries are XS Broadband Limited, Visafone Communications Limited and Yello Digital Financial Services Limited. Their principal activities are the provision of broadband fixed wireless access service, high quality telecommunication services and mobile financial services respectively.
The Group’s holding company is MTN International (Mauritius) Limited, a company incorporated in the Republic of Mauritius and its ultimate holding company is MTN Group Limited, a company incorporated in South Africa.
MTNN has 20,354,513,050 outstanding shares and a market capitalization of N2.625 trillion. It’s share price at the time of closing on the lost trading session on the Nigerian Stock Exchange is N129.00.
In H1 2020, the company reported a 12.5% growth in revenue, from N566.994 billion to N638.075 billion. Its profit for the period dropped by 4.7%, it reported N94.876 billion, down from N99.537 billion reported at the same time last year.
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