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

17 May 202117 May 2021 Chidi Emenike Leave a comment

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.

13 May 202113 May 2021 Chidi Emenike Leave a comment

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.

10 May 202110 May 2021 Chidi Emenike Leave a comment

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.