MTech Communications to list N12.416 bn shares on Exchange
Category: Capital Market
June 04, 2009 at 16:16 GMT
Leading mobile Value Added Services (VAS) Company, MTech Communications is set to list N12.416 billion on the Floor of the Nigerian Stock Exchange come Tuesday June 09 2009 in Lagos Nigeria.
This is coming on the heels of approval early in March 2009 by the Council of the NSE of applications to List by Introduction six (6) companies Securities worth N76 billion; of which MTech Communications is listing N12.416 billion.
MTech to do this would be listing 4,966,666,668 Ordinary Shares of 50 Kobo each at N2.50 Kobo per share.
Proshare NI gathered that MTech is the Market Leader in the VAS segment of the telecoms industry which is focused on developing products and services that mobile networks offer to their customers to get more utility from their mobile phones.
Mrs. Sheri Williams, Chairman of Mtech affirmed that the company’s focus over the last three (3) years was to break into new African Markets.
“Having successfully entered the West African Sub-region, we are poised to turn the lessons learned into a competitive advantage and rollout our services into yet more countries in order to increase our Market share in Africa; while maintaining Nigeria as our idea and innovation hub” she said.
Proshare NI confirmed that as at December 2008, Mtech had commenced operations in Ghana, Kenya, Uganda and Cote D’Ivoire. Its key operators partners outside Nigeria include MTN Ghana, MTN Cote D’Ivoire, Zain Ghana, MTN Uganda, Safaricom and Celtel both of Kenya amongst others.
In the same vein, Chika Nwobi, CEO of the company affirmed that MTech plan to continue growing the business over the next five (5) years by expanding to more Markets in Africa and the Middle East as well as by developing new services to rollout into the fast growing telecoms Market in Africa.
MTech also affirmed that it’s last audited result of year 2007, the company’s Revenue hit N600 million with a Gross Profit of N398 million and Profit after Tax (PAT) of N116 million in the review period.
Without prejudice to Mtech, Proshare Analyst Services Unit as at the time of filling in this Report does not have details of the Mtech’s financial results in the period under review for analysis.