New telecoms firm debuts on Nigerian bourse

Tuesday, Dec 02, 2008

The number of quoted companies listed under the Informat ion Communication Technology (ICT) sub-sector of the Nigerian Stock Exchange (NSE) on Friday increased by one with the official listing of Mass Telecom Innovation Plcs (MTI) 4.89 billion ordinary shares at N4.00 per share.

At the close of trading the companys shares traded 2.40 million worth 10 million naira in 8 deals. The share appreciated by 20k to close at N4.20.

We at MTI have realised that the key to developing robust, cost effective and truly scalable communications infrastructure for a rapidly expanding continental market such as ours, is by harnessing cutting edge techniques using an adaptive approach against the framework of a world class project management capacity and a deeply cultivated financial prowess,"" the company Vice Chairman, Frank Karkitie said at the listing.

MTI started operations in 2002 as an ICT firm providing broad spectrum of world-class telecommunication infrastructure and services. Its strategic business operations include, installation of cable networks - cooper and optic fibre infrastructure development.

Among the companys high profile clients are MTN, Zain, Globacom, Visafone Commu nication, Huawwei technologies and ZTE Limited.

Karkitie told the investors that investment in the company would yield greater returns in view of the unique and lucrative services the organisation was providing adding that the management team was poised to improve profitability, customer satisfaction and product innovations.

Representative of the accredited Stockbrokers, Olu Odejimi enjoined the companys management team to avail the brokers with credible and up-to-date information a bout the company and that information was the major ingredient that drove capital market operations.

He also advised the company to promote good corporate governance, accountability, transparency and best practices at all times now that the firm had become a public quoted company.