Secure Electronic Technology Plc set to hold Annual General Meeting on 16th of September.

Secure Electronic Technology Plc has announced that it will be hosting its Annual General Meeting (AGM) in Lagos on the 16th of September, 2021.

According to a notice signed by the company’s secretary, Immaculata Mbaso and sent to the Nigerian Exchange Group Limited (NGX), the meeting will hold at The Events Warehouse, Ilupeju-Lagos on the aforementioned date and by 12:00pm prompt.

In light of this, the following issues will be discussed;

  • The audited financial statement for the year ended December 31, 2020, and the report of its Directors, auditor, and the audit committee.
  • Board appointments will also be considered and ratified.
  • To fix remuneration of managers and Directors in FY 2021.
  • To elect shareholders’ representatives of the statutory audit committee.

In compliance with COVID-19 related directives and guidelines, attendance at the AGM shall be by proxy only. In light of this, the company named five individuals as proxies from which shareholders could elect from.

For more details about the AGM, click HERE.

Daar Communications Plc reports over 100% increase in profit after tax in H1, 2021

Daar Communications Plc released its unaudited financial statements for the period ended 30th of June, 2021.

  • Revenue for the period was N1.91billion. (+30.4% YoY)
  • Cost of sales was N1.08 billion. (+3.6% YoY)
  • Administrative expenses totalled N743.7 million. (-13.4% YoY)
  • Profit for the year was N36.1 million. (+106.9% YoY)
  • Total assets for the period stands at N14.55 billion.

See link to results.

 

Smart Products Nigeria Plc proposes FY 2020 dividend of 10kobo/share.

The Board of Smart Products Nigeria Plc has proposed a FY 2020 dividend payment of 10 kobo per share, to all shareholders whose names appeared in the Company’s Register of Members at the close of business on July 16, 2021.

This is according to a disclosure issued by the company and made available on the website of the Nigerian Exchange Group Limited (NGX).

According to the notice, the proposed dividend will deliberated upon in the forthcoming Annual General Meeting of the company scheduled on 19th of August, 2021. If approved by the board, the dividend will be disbursed electronically to qualified shareholder on 25th of August, 2021. The conditions for qualification are succinctly captured below;

  • The shareholder must have completed the e-dividend registration and mandated the registrar (Meristem Registrars) to pay their dividends directly into their bank accounts.
  • Only shareholders’ whose names appear in the Register of Members as at close of business on 16th of July, 2021 will be considered.

The proposed dividend will be paid on all the outstanding 45,000,000 shares of the company, grossing N4.5 million

What you should know:

  • Smart Products Nigeria Plc had earlier reported a profit after tax of N7.38 billion in FY 2020.
  • To expedite the dividend disbursement process, the Register of Shareholders will be closed from 19th-26th of July, 2021.

 

 

 

GCR Upgrades MTN Nigeria Long Term Issuer Rating to AAA.

GCR Ratings (GCR) has upgraded the national scale long-term Issuer rating of MTN Nigeria Communications Plc to AAA and affirmed the national scale short-term Issuer rating of A1+, with a stable outlook.

This is according to a notice made available on the website of the Nigerian Exchange Group Limited (NGX) and seen by Nairametrics.

According to the notice, the recently concluded N110 billion series 1 unsecured bond issued by the telecommunications giant, was also upgraded with a nation scale long-term rating of AAA and a stable outlook.

It is imperative to note that the rating is the highest possible long-term and short-term ratings on GCR’s national rating scale, and MTN Nigeria is the first mobile network operator in Africa to be accorded such ratings by GCR.

According to GCR: ‘’ The ratings accorded to MTN Nigeria Communications Plc reflects its very strong competitive position as the leading provider of telecommunication services in Nigeria, as well as its strong earnings and cash flow which has supported a robust financial profile.’’

GCR further noted that MTN Nigeria has progressively sustained its earnings, with a five-year CAGR of 14.1% to FY20. Similarly, Its EBITDA margin remained strong around 50%-53% in the recent period, trending above international peers.

In light of this, GCR expects MTN Nigeria to continue to maintain strong revenue growth given its growing infrastructure, and Nigeria’s favourable demographic. On the other hand, GCR expressed concerns over the continuous devaluation of the Naira, noting that it is capable of increasing pressure on the unhedged operating and capital costs, as a large component of spending relates to US Dollar denominated imports, impacting the earnings margins.

Meanwhile, the CEO of MTN Nigeria, Karl Toriola opined that the recent ratings demonstrate the resilience of the telecommunications giant, he said: ‘’We are delighted with the outcome of the GCR rating. This demonstrates the resilience of our business and positions MTN Nigeria as the benchmark of reference for the information and communications technology sector for long-dated, fixed-term instruments. As we continue to invest in our network and strengthen our risk management processes, we remain focused on sustaining and accelerating growth in line with our Ambition 2025 strategy.’’

MTN Nigeria Plc approves FY 2020 dividend pay-out of N120.09 billion to shareholders.

The Board of Directors of MTN Nigeria Plc has approved the payment of N120.09 billion to the shareholders of the company who currently hold the 20,354,513,050 fully paid ordinary shares of the company.

This disclosure is part of the resolutions passed at the recently concluded Annual General Meeting of the company, held on the 7th of June, 2021.

According to the notice: ‘’A dividend payment in the total sum of N120,091,626,955.00 (One hundred and twenty billion ninety one million six hundred and twenty six thousand nine hundred and ninety five Naira) which translates to N5.90Kobo per every 2 kobo ordinary share; to shareholders whose names appear in the Company’s Register of Members at the close of business on Tuesday, May 4, 2021 (bringing total dividend for the year ended 31st December 2020 to N9.40), subject to withholding tax, be and is hereby approved.

Other resolutions reached at the Annual General Meeting include;

  • The appointment of Ms. Tsholofelo Molefe, Dr. Ernest Ndukwe, Messrs. Rhidwaan Gasant, Ralph Mupita and Jens Schulte-Bockum into the company’s Board were reviewed and approved.
  • The remuneration of the Board Chairman for the year ending 31st Decemeber 2021, was fixed at N28,920,000/
  • Non-Executive Directors fees for the year ending were pegged at N16,472,000.
  • The firm was authorized to establish an Equity Shelf Programme for the purpose of facilitating offers for the sale of shares in the company by MTN International (Mauritius)

What you should know:

  • MTN Nigeria Plc had earlier declared an all-time highest revenue  by a listed Nigerian entity for FY 2020

For more information about the disclosure, click HERE.

 

Airtel Africa Plc sells its Tanzanian towers for $175 million.

Airtel Africa Plc has announced the sales of its telecommunication tower companies in Tanzania, in a deal worth around $175 million.

The transaction is the latest strategic divestment of the Group’s tower portfolio as it focuses on an asset-light business model and its core subscriber-facing operations. The recent deal is sequel to the success recorded in the sales of the firm’s tower companies in Madagascar and Malawi to Helios Tower Plc for a gross value of about $93.7 million.

According to a notification signed by Airtel’s Group secretary, Simon O’Hara, the Airtel Tanzania tower was sold to a wholly-owned subsidiary of SBA Communications Corporation, a leading global owner and operator of wireless communications infrastructure.

The recently sold tower portfolio comprises approximately 1, 400 towers which form part of the Group’s wireless telecommunications infrastructure network.

Recall that Airtel Africa Plc was in the news recently when it secured a credit facility worth $500 million from a consortium of banks that include; Bank of America, JP Morgan, HSBC etc. The loan was meant to assist the teleco in partially refinancing its €750 million Euro dominated bond. Explaining how it intends to offset the credit facility, the teleco explained that it will optimize its free cash flows and cash receipts anticipated over the next 12 months from its tower sales and mobile money minority investments.

Will the transaction be settled once or by instalments?

According to the notice sent by the telecommunications giant, the payment for the towers will be made in tranches. In the first tranche, the sum of $157.5 million will be paid to Airtel during the second half of its current financial year. The balance will be paid in instalments upon the completion of the transfer of any remaining towers to the purchaser.

How will the proceeds be utilized?

Detailing how the proceeds from the sale of the towers will be utilized, Airtel Africa explained that about $60 million out of the gross sales value will be invested in the network and sales infrastructure in Tanzania and for distribution to the Government of Tanzania, as provided in the Airtel Africa IPO prospectus document published in June 2019.

The remaining balance of the proceeds will be used to reduce the debt at Group level.

 

MTN Nigeria set to hold Annual General Meeting on 7th of June.

The Board of MTN Nigeria Communications Plc has announced that it will host its Annual General Meeting on the 7th of June, 2021.

This is according to a notification signed by the company’s secretary, Uto Ukpanah and seen by Nairametrics. Sequel to this, the following issues will be discussed;

  • The audited financial statement for the year ended December 31, 2020, and the report of its Directors, auditor, and the audit committee.
  • The firm’s proposed dividend will be considered and officially declared.
  • Board appointments will also be considered and ratified.
  • To fix remuneration of managers and Directors in FY 2021.
  • To elect shareholders’ representatives of the statutory audit committee.

What you should know:

  • MTN Nigeria Plc had recently posted a profit after tax of N73.7 billion in Q1 2021, indicating a surge of about 43%.
  • In line with CAC guidelines, attendance at the AGM will be by proxy. Sequel to this, a list comprising of six (6) representatives authorized to represent shareholders, have been made available.

For more information about the AGM, click HERE.

Airtel Africa Plc reports profit after tax of $415million in FY 2020.

Airtel Africa Plc has released its results for the year ended 31st of March, 2021.

  • Revenue for the period was $3.9 billion. (+14.2% YoY)
  • Total expenses of $2.8 billion were incurred. (+10.3% YoY)
  • Operating profit of $1.12billion. (+24.2% YoY)
  • Profit after tax was $415 million. (+1.8% YoY)
  • Earnings per share of 9 cents. (-12.6% YoY)
  • A final dividend of 2.5 cents per ordinary share was proposed.

See link to results.

FMDQ approves quotation of MTN’s Commercial Paper worth N73.5 billion.

FMDQ OTC Securities Exchange has approved the quotation of MTN Nigeria series III and series IV Commercial paper worth a combined total of N73.51 billion.

This is according to a notification by the Securities Exchange which reads: ‘FMDQ Exchange is pleased to announce the approval for the quotation of the MTN Nigeria Communications PLC ₦19.77bn Series 3 and ₦53.74bn Series 4 CPs under its ₦200.00bn CP Issuance Programme on its platform.’’

According to the notice, the recent disclosure is part of a N200 billion CP Issuance programme earlier announced by the firm. Recall that the telecommunications giants had disclosed that it got an approval from FMDQ to raise its initial CP offering from N100 billion to N200 billion, sequel to the success recorded in its N100 billion inaugural Series I and Series II CP Issuances in June 2020, which have been redeemed.

The proceeds from the CP will be used to meet working capital requirements and for general corporate purposes.

What you should know:

  • The series III and series IV CP cleared at a discount rate of 6.7652% and 7.5546% respectively.
  • The book build for the series III and series IV CP Issuances commenced on 11th of March, 2021 and closed on 19th of March, 2021.

Afromedia Plc reports a loss after tax of N27.3 million in Q1 2021.

Afromedia Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Turnover for the period was N65.9 million. (-16.1% YoY)
  • Cost of sales was N48.2 million. (+26% YoY)
  • Administrative expenses totalled N47.63 million. (+27.6% YoY)
  • Operating loss of N25.3 million was incurred for the period.
  • Loss after tax for the period was N27.3 million. (-1,076.2% YoY)

See link to results.