The company had announced earlier this year that it had submitted its prospectus to the Securities and Exchange Commission (SEC) and the Ghana Stock Exchange (GSE) to float 35 percent of its shares on the Ghana Stock Exchange.
MTN Group Vice President and CEO of Ghana, Ebenezer Asante, who signed the statement said, “I am pleased with our performance in the first quarter and look forward to the listing of MTN Ghana on the GSE. We have worked diligently to complete all regulatory requirements and are finalising internal processes to enable us to successfully execute the IPO.”
The first quarter performance of the company saw a revenue growth of 29.3% year on year, led by a 51.5% increase in data revenue. MTN Mobile Money stood out accounting for 15% of the company’s total revenue. The subscriber base has also increased by 484 000 and MTN Mobile Money active users also increased by 800,000.
In 2015, MTN Ghana won a bid for a 4G licence in the 800 MHz spectrum. Under the terms of the licence, the National Communications Authority (NCA) required MTN Ghana to offer Ghanaian investors an opportunity to own part of its shares. The listing is considered by the NCA as a mechanism to meet this requirement.
The company has since been going through the processes to trade publicly on the Ghana Stock Exchange with several changes in the share offer launch date.
The issuance is coming at a time the GSE is enjoying a major bull market. During the first two months of this year its composite index rose by 33% making it the best performing stockmarket in Africa although since then, price appreciation has slowed somewhat.
The GSE is the principal stock exchange of Ghana. The exchange was incorporated in July 1989 with trading commencing in 1990.
Criteria for listing include capital adequacy, profitability, the spread of shares, years of existence and management efficiency.