Prime News Ghana

MTN holds its maiden Annual General Meeting today

By Justice Kofi Bimpeh
MTN Ghana
MTN Ghana logo

MTN Ghana will today May 14 hold its maiden Annual General Meeting which will allow shareholders to engage directors and senior managers of the firm.

Shareholders are also to receive three pesewas per share in dividends from the telecom company. The decision was taken by the directors of the company upon the publication of its financial statement for 2018.

However, the stock price of MTN has witnessed a drop of 6.67 percent, for the eight months of trading on the Ghana Stock Exchange.

The disclosures come ahead of the maiden Annual General Meeting of MTN following its listing on the Ghana Stock Exchange.

The telecom company is the first within the industry to list on the stock market as part of regulatory requirements after the purchase of the 4G spectrum license.

Though the share price commenced trading at 75 pesewas in September 2018, it had dropped to 70 pesewas per share as at the close of trading on Friday [May 10, 2019].

CEO of MTN Ghana Selorm Adadevoh reacting to the drop in trading on the stock market on Joy FM said, "if you look at the business performance and let's separate that from the trading activities on the stock exchange, short term movements are very different from long term expectations and we need to keep that in mind as a shareholder"

"The focus for the next two to three years is to expand data which is one of the reasons we are doing 4+ as well as mobile money which will a more significant contributor to our total revenue over the next coming years," he added

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