MTN Nigeria has become the largest company by market capitalisation on the Nigerian Stock Exchange (NSE), overtaking Dangote Cement.
At the end of trading on Monday, MTN Nigeria’s shares closed at N138.70 per share bringing the company’s market capitalisation to N2.82 trillion as against Dangote Cement’s N2.81 trillion at N164.5 per share.
In May when MTN Nigeria made its groundbreaking listing on the NSE, the company’s market cap was N1.3 trillion leaving N782 billion margin between Dangote Cement.
MTN’s listing on the NSE was part of negotiations with Nigerian authorities to reduce a fine of N5.3 trillion by the Nigerian Communications Commission (NCC) for infractions with sim card registrations by MTN.
It listed a total of 20,354,513,050 ordinary shares of MTN Nigeria at a listing price of N90.00 per share.
MTN Nigeria is the first telecommunications network provider to be listed on the NSE Premium Board.