Accra, 16TH May 2019– Scancom Plc (“MTN Ghana”) hosted over 4000 of its shareholders at its maiden Annual General Meeting following its Initial Public Offer (the “Offer” or the “IPO”) in May last year and subsequent listing on the Ghana Stock Exchange in September 2018.
The Board chairman of Scancom Plc (“MTN Ghana”), Mr. Ishmael Yamson opened the session by sharing updates on the changing dynamics of Ghana’s economy since the launch of the MTN IPO and how the company has performed. He said, “In 2018, our company implemented strategies aimed at making it more efficient and resilient to external shocks, while tightening risk and control measures. Our priorities at the beginning of the year were to focus on our customers putting them at the centre of our operations, ensuring robust governance of the business and maintaining high ethical standards”. This he said, resulted in the posting of a strong financial performance with profit before tax increasing by 16.5% to 1.6 billion while earning per share was GHC 0.67.
The chairman also shared updates on share price performance and the payment of dividends since the launch and indicated that at the end of 2018, Scancom Plc had a market capitalisation of GH₵ 9.7 billion making it the third largest listed company on the Ghana Stock Exchange.
In a review of the company’s performance in 2018, the CEO of MTN Ghana, Mr. Selorm Adadevoh shared operational highlights of external and internal events that contributed to the performance of the company. He also indicated that aggressive marketing and sales of products coupled with network enhancement and expansion activities resulted in subscriber growth.
Selorm shared details on the financial performance of the business as well as the recognition and awards received in the year 2018.
He assured shareholders of MTN’s innovation and focus on customer experience to increase business growth and shareholder value. He said, “To remain relevant and keep up the dynamism of the telecommunications industry, we will continue to innovate, create and build meaningful relationships that will improve customer experience and brighten lives”.
At the end of the review of the financial statement and the declaration of dividends, shareholders voted to re-elect retiring directors, approve Directors remuneration for 2019 and authorize the fixing of auditors remuneration for 2019.
Some of the shareholders expressed their satisfaction with the performance of the company congratulating it on working very hard to increase subscriber numbers, generate revenue, pay dividend on time and also make significant contributions to national development through the payment of taxes and corporate social investments. Some industry experts have commended MTN for the smooth and excellent organisation and management of the biggest AGM with almost 5000 shareholders. The exclusive streaming access given to those who could not attend physically has also been highly commended.
MTN Ghana listed on the Ghana Stock Exchange (GSE) on 5 September 2018 with the largest number of Ghanaian shareholding of any listed company on the GSE at 127,826. By raising GHS 1,146,589,464.75 from 128,152 applicants the Offer makes history as the largest primary share offer in the history of the Ghana Stock Exchange and enables many Ghanaians from all walks of life to own a share in one of Ghana’s largest, most visible and well respected companies.
In attendance at the AGM were dignitaries including members of the Scancom Plc Board, CEO and Executives of MTN, the Managing Director of the Ghana Stock Exchange, Mr. Kofi Yamoah, CEO of the Ghana Chamber of telecommunications, Mr. Kenneth Ashigbey, representatives from IC Securities and the Central Securities Depository.
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