MTN Nigeria Communications announced that it received approval to list on the Nigerian Stock Exchange (NSE).

The listing is set to proceed on 16 May 2019 and will be done by way of an introductory listing. The listing by introduction means that the shares of existing MTN Nigeria shareholders will be listed without an additional public sale of shares, said Ferdi Moolman, CEO of MTN Nigeria.

MTN Group CFO Ralph Mupita said: “We are taking this first and important step towards increasing the local ownership of the company, and building the equity capital markets in Nigeria.”

MTN Nigeria recorded 13.4 percent growth in service revenue in the first quarter ended March 31, 2019. This was driven by 12.7 percent and 32.4 percent rise in voice and data revenue and the addition of 2.1 million active mobile subscribers to the network.

MTN Nigeria announced EBITDA of N150.4 billion and expanded EBITDA margins to 53.3 percent due to growth in revenue and effective cost management.