The Nigerian arm of African mobile telecommunications behemoth MTN Group Limited today listed its business on the Nigeria Stock Exchange. MTN Nigeria Communications Plc. went live at 2:14 pm local time, allowing trading for only 16 minutes before the markets closed.
In that short period, however, the company was able to become the second most valuable entity on the stock exchange. Offering its shares at $0.25, the telecom company saw a 10 percent rise in this price.
By 2.30 pm, the company was worth $5.54 billion, ranking behind only Aliko Dangote’s Dangote Cement which commands an $8.3 billion valuation.
(picture source: DigestAfrica)