MTN to list on GSE
MTN Ghana says it is waiting for approval from the Securities and Exchange Commission (SEC|) to list on the Ghana Stock Exchange (GSE), as part of the conditions under which it secured its 4G license in 2015.
The telecom giant commenced moves to list on the GSE last year, after the company had spent US$67.5million to acquire one of the available 4G licenses in 2015. The company’s license is valid for the next 15 years.
When its prospectus is approved by the SEC, MTN is expected to float 35 percent of its shares on the local bourse to raise some US$500 million.
Speaking to the media after a stakeholder and media forum to discuss the company’s performance for 2016, the Chief Executive Officer of MTN Ghana, Mr. Ebenezer Asante, said: “Since we acquired the license, we have engaged both regulators, the NCA as well as the Central Bank and also the Securities and Exchange Commission.
There were a few issues that we needed to trash out with our regulators but all that has been finalized. With that out of the way, we also now have to finalized the prospectus so that the Securities and Exchange Commission can look at it and give approval. Once we receive approval, we would be in the position to launch the 4G localization that came with the license.”
He added that: “As for the exact timelines, am not able to tell you that, because I am not a regulator. But all that I can say is three months from the date we receive the approval from the SCC, we will be in the position to launch.”
In 2016 the telecom giant MTN increased its revenue from GH¢2.3 billion in 2015 to GH¢2.7 billion in 2016.
The company also paid GH¢1.1 billion to government in taxes and fees in 2016, with GH¢713 million going to the Ghana Revenue Authority (GRA), GH¢51.8 million went to the National Communications Authority (NCA)/ GIFEC, while GH¢258 million went to the NCA for the 4G, LTE and GH¢85 million to SIIT.
During the period, the telecom operator increased its subscriber base by some 18.7% to 19.3 million.
Also, the telecom operator’s data revenue went up to 65.7%, contributing 42% to total revenue while digital revenue contributed 48% to data revenue.