MTech Communications to list N12.4bn shares on NSE

Friday Ekeoba, Lagos

Ernest Ndukwe,
Vice Chairman, NCC

Leading mobile Value Added Services (VAS) Company, MTech Communications is set to list N12.416 billion ordinary shares on the floor of the Nigerian Stock Exchange tomorrow.

This is coming on the heels of approval early this year by the Council of the NSE of applications to list by introducing six companies’ securities worth N76 billion; of which MTech Communications is listing N12.416 billion.

According to a statement by the company, its entire share capital which worth N12.42 billion would be listed by introduction, representing 4.97 billion ordinary shares of 50 kobo each at N2.50 per share.

The Chief Executive Officer of the company, Mr. Chika Nwobi, said that the company, which was a key player in the mobile Value Added Services (VAS) industry in Nigeria, was focused on developing products and services provided by mobile network operators to their customers to get more utility from their mobile phones.

He noted that some of the services which it powered for mobile operators in the country include: MTN Funtones, MTN Caller Tunes, Zain Central station and Glo Magic Plus, adding that it also provided Short Messages Systems (SMS) voting on television shows like; Nigerian Breweries’ StarQuest and also works with media organisations like Cool FM and HITV to deliver interactive services.

He said, “Our focus over the last three years was on breaking into new African markets.

Having successfully entered the West and East African subregions we are poised to turn the lessons learned into a competitive advantage and roll-out our services into yet more countries in order to increase our market share in Africa while maintaining Nigeria as our idea and innovation hub,”he said.