Items filtered by date: Saturday, 09 March 2019
MTN Reveals Plan To Get Listed On NSE
The MTN group has disclosed that it will be listed on the Nigerian Stock Exchange (NSE) before the first half of 2019 is over.
 
The telecommunication giant said this in a mailed statement which shows very positive trade numbers in 2018 fiscal year.
 
The results showed a total revenue of 37,971,000,000 South African rand (N965.3bn), the news reports.
 
“MTN plans to list by introduction on The Nigerian Stock Exchange during the first half of 2019 and is looking to simplify the capital structure ahead of this listing,” MTN said.
 
“The Company’s listing on the Exchange will create a new telecoms asset class for investors and provide an opportunity for a wider group of Nigerians to participate in our investment story.”
 
“This will be achieved via a listing by introduction and will be followed by a public offer once market conditions are conducive. Over time, and subject to market conditions, we anticipate that the participation of Nigerians in the ownership of the business will increase from around 20% to 35%.”
 
MTN has been able to bring its tally to 58 million subscribers nationwide after successfully increasing its mobile subscriber base in Nigeria by another six million people.
 
Ferdi Moolman CEO, MTN Nigeria said: “In 2018 we rebuilt the base; adding another six million Nigerians to our network, giving a total of 58 million people access to worldwide communication services”.
 
“This growth was built on our sustained focus on customer-centric delivery – ensuring that customers get much more value for their money.
 
“This included the deployment of proactive interventions to improve customer experience, together with the enhancement of network quality and coverage, and the optimization of our services portfolio.
 
“We also enabled an additional 8 million people to access the possibilities that the internet provides, bringing our total data subscriber base to 44 million, of which 18.7 million use more than five megabytes per month.
 
“We are now even better positioned to ensure that everyone can access the benefits of a modern connected life. We are excited to have been given the privilege to continue playing a role in facilitating this, and are grateful to our customers, our people, our partners and our regulator for making this possible.
 
“We understand how access to the opportunities enabled by the internet can open up new industries even in the remotest areas of our country.
 
“Thus, we will continue to focus on delivering social innovations like mobile electricity, financial services for all; and leveraging our technology as a vehicle to enable high-impact mobile solutions in education, health and agriculture in our communities – urban and rural.”
 
Published in Business
Suburbs across Johannesburg, South Africa’s economic hub, were hit by widespread power outages on Friday that electricity providers were unable to explain.
 
“Technicians are on site to determine the cause of the outage,” Khulu Phasiwe, a spokesman for state-owned power utility Eskom Holdings SOC Ltd., said via Twitter.
 
There’s no estimated time for the restoration of electricity at this stage, he said.
 
Eskom has not implemented rolling blackouts in the city, Andrew Etzinger, Eskom’s acting head of generation, said via a mobile phone text message. A spokesman for Johannesburg’s City Power wasn’t immediately able to comment.
 
Eskom said earlier on Friday that there was a risk of blackouts because the power system “remained tight and vulnerable” and the power could be cut at short notice if there was a shift in plant performance.
 
“This could include a significant loss in generating plant due to unplanned technical breakdowns,” Eskom said in the statement.
 
Published in Engineering

Multinational drugmaker Aspen Pharmacare said it will split its South African Commercial Pharmaceuticals business into two divisions as it disposes of non-core assets to reduce its debt.

Without giving details, the company said in its half-year results statement that it was conducting a strategic review of its South African and European operations and a second phase would develop strategies for each of the businesses.

Although it did not say what each division would include, Aspen said the split would improve its focus on products and customers.

The commercial pharmaceuticals business consists of regional brands, anaesthetics, thrombosis and high potency & cytotoxics portfolios.

Over the past five years Aspen has transitioned from a generics-focused pharmaceutical business operating in a few select countries into a multi-national firm with strong regional brands and diversifying into specialised therapies such as thrombosis and anaesthetics.

Aspen’s normalised headline earnings per share (HEPS) for the six-months ended Dec. 31, fell by 9 percent to 743.4 cents from 814.1 cents a year earlier. HEPS is the main profit gauge in South Africa, which strips out certain one-off items.

Normalised earnings before interest, tax, depreciation and amortisation from continuing operations fell 3 percent to 5.5 billion rand ($379.32 million), while revenue inched up 1 percent to 19.7 billion rand.

“Relative movements in exchange rates had an impact on financial performance,” the company said.

Shares in Aspen, which operates in 56 countries, have plunged nearly 50 percent since it announced a lower-than-expected sale price of its infant milk business in September, which raised questions on whether the company was pressured to sell because it was close to breaching its debt obligations.

On Thursday, Aspen said borrowings, net of cash, have increased by 6.7 billion rand to 53.5 billion rand as a result of the rand currency weakness relative to foreign currency denominated loans, payments relating to acquisitions and capital expenditure.

Aspen said it expects proceeds from its infant milk disposal and inflows from the divestment of its non-core pharmaceutical portfolio in the Asia-Pacific region to bring the gearing ratio covenant measure within the specified level of 4.0 times for the June and December 2019 measurement periods.

“Aspen’s medium-term target for the gearing ratio is less than 3.0 times,” it said.

In December, Aspen said it had engaged with its creditors to negotiate a conditional and temporary adjustment to its leverage ratio covenant to allow for any delay in the infant milk disposal.

 

- Reuters

Published in Business
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