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.

FMDQ admits Stanbic, MTN, Nigerian Breweries, Coronation Merchant Bank and 4 other CPs.

FMDQ Securities Exchange has announced the approval for the quotation of Stanbic IBTC, MTN, Nigeria Breweries Plc and 5 other Commercial Papers.

According to series of verified disclosures from the FMDQ  Exchange, the comprehensive list of Commercial Papers recently approved for quotation on its platform are;

  • Mixta Real Estate N1.09 billion Series 34 CP under its N20 billion CP programme.
  • Stanbic IBTC Bank $8.31 million Series 2 CP under its N100 billion Multi-Currency CP Issuance Programme.
  • Nigerian Breweries N1.05 billion Series 12, N0.94 billion Series 13 and N2.67 billion Series 14 CPs under its N100 billion CP Issuance Programme.
  • Parthian Partners Limited N10 billion Series 1 (Tranche A), N5.26 billion Series 1 (Tranche B) and N4.74billion Series 2 CPs under its N20 billion CP Issuance Programme.
  • TrustBanc Holdings Limited N10 billion Commercial Paper
  • Eunisell Limited N10 billion Commercial Paper
  • Coronation Merchant Bank Limited N0.71 billion Series 13, N14.13 billion Series 14, N1.41 billion Series 15 and N20.19 billion Series 16 CPs under its N100 billion CP Programme.
  • MTN Nigeria Communications Plc N19.77 billion Series 3 and N53.74 billion Series 4 CPs under its N200 billion CP Issuance Programme.

It is pertinent to note that the admission will afford the aforementioned firms the opportunity to not only raise short term capital to support their business operations, but to also enjoy value-added benefits like visibility, transparency and liquidity that comes with being quoted on the FMDQ Exchange.

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.

MTN Nigeria Plc grows profit by 43% to N73.7 billion in Q1 2021.

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

  • Revenue for the period was N385.3 billion.(+17.06% YoY)
  • Direct networking operating costs of N93.9 billion. (+30.2% YoY)
  • Employees benefit was N9.32 billion. (+0.5% YoY)
  • Profit for the period was N73.7 billion. (+42.5% YoY)
  • Net assets per share for the period was N12.4
  • Earnings per share of N3.6 Vs N2.5 YoY

See link to results.

MTN Nigeria raises N73.5 billion from CP Issuance to finance operations.

MTN Nigeria Plc has raised a total of N73.5 billion through its Series III and Series IV CP Issuance Programme, in a bid to meet its working capital requirements and for general corporate purposes.

This is according to a disclosure issued by the telecommunication giants and signed by its secretary, Uto Ukpanah, as seen by Nairametrics.

The company revealed that as part of its strategy in diversifying its financing sources, it obtained the approval of FMDQ Securities Exchange in November 2020 to increase its CP programme from N100 billion to N200 billion. This is sequel to the success recorded in its N100 billion inaugural Series I and Series II CP Issuances in June 2020, which have been redeemed.

On the other hand, the telecommunications giant also revealed that the company has obtained the approval of the Securities and Exchange Commission to launch a Bond Issuance Programme. Sequel to this, the company will issue a 7-Year Series I fixed rate bond under a debut N200 billion bond issuance programme.

What you should know:

  • 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.
  • The series III and series IV CP cleared at a discount rate of 6.7652% and 7.5546% respectively.
  • A total of N19, 765,447,000 was raised through series III CP Issuance, while series IV CP Issuance generated a total of N53, 742,807,000.
  • Collectively a total of N73, 508,254,000 was raised through the issuance of both series- series III and series IV.

For more information about the disclosure, click HERE.