Scancom PLC (“MTN Ghana”) first quarter results and localization update
MTN Ghana announces strong service revenue growth of 29.3% year on year in the first quarter of 2018, led by a 51.5% increase in data revenue. MTN Mobile Money was a stand-out performer, accounting for 15% of MTN Ghana’s total revenue. There was good growth in subscribers in the quarter, with net additions of 484 000 to reach a total of *16.2 million subscribers. Active Mobile Money subscribers increased to *7.4 million and there were *6.6 million active data subscribers.
Furthermore, MTN Ghana is planning to move ahead with its localization through an Initial Public Offer (IPO) on the Ghana Stock Exchange (GSE). On 20th April 2018, we received all required regulatory approvals to proceed with the IPO and expect to make the offer available in late May 2018. A key priority will be to facilitate a broad base of local Ghanaian shareholders who can share in the risks and rewards of ownership of MTN Ghana.
MTN Group Vice President for Southern and East Africa and Ghana and the current CEO of MTN Ghana, Ebenezer Asante 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.”
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.
Further announcements will be made in due course.
*Using modernised definitions, which do not have comparisons
About MTN Ghana
MTN Ghana is the market leader in the increasingly competitive mobile telecommunications industry in Ghana, offering subscribers a range of exciting options under Pay Monthly and Pay As You Go Services. The company has committed itself to delivering reliable and innovative services that provide value for subscribers in Ghana’s telecommunications market. Since its entry into Ghana in 2006, MTN has continuously invested in expanding and modernizing its network in order to offer superior services to a broad expanse of the nation. Total network investments from 2006-2017 are about $3.615 Billion. MTN has the widest network coverage across Ghana. With the commercial launch of 4G LTE services, MTN became the only mobile operator providing 4G services in all regional capitals and large cities. The company has also built three modern switch and data centres to deliver stable, reliable, efficient and robust Telecom and Data Services to customers.
For further information, visit www.mtn.com.gh.