Earlier on Monday, MTN Nigeria Communications Plc (MTNN) served a notice to inform The Nigerian Stock Exchange and investing public that a meeting of the Board of Directors of MTNN has been scheduled for Thursday, 25th February 2021.
The Directors will consider and approve the Audited Consolidated Financial Statements for the year ended 31st December 2020 along with other agenda items.
In line with the post-listing requirements of The NSE, MTNN declared a Closed period in respect of transactions on its securities from Monday, 4th January, 2021 until 24 hour after the Financial Statements have been released to the public.
- Read also; How to set up Insurance and Re-Insurance Business in Nigeria
- 2020: Vitafoam Nigeria Plc grows profit by 72%, proposes 70kobo dividend
Accordingly, no director, employee, adviser of MTNN and their connected persons may directly or indirectly, deal in the securities of the Company in any manner during the Closed Period.
According to Rule 17.17 of the Nigerian Stock Exchange Rule Book, “no Director, person discharging managerial responsibility and Adviser of the Issuer and their connected persons shall deal in the securities of the Issuer when the trading window is closed. Any period during which trading is restricted shall be termed as a closed period.”
Rule 17:18 (b) mandates all issuers to notify The Exchange in advance of the commencement of each 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.
MTNN’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 N3.458 trillion. It’s share price on the Nigerian Stock Exchange as at the time of this publication is N169.90.
In 9M 2020 ending September 30, MTNN reported a 13.9% growth in revenue, from N856.549 billion to N975.763 billion. Its profit for the period dropped by 3.3%, it reported N144.238 billion, down from N149.223 billion reported at the same time in the preceding year.
By; Nnamdi M.