Ghanaian executive Ebenezer Asante’s stake in MTN Ghana now worth $1.56 million

The shareholding of Ghanaian multimillionaire executive Ebenezer Twum Asante in the leading telecom company, Scancom PLC (MTN Ghana), is now worth ₵9.6 million ($1.56 million).

MTN Ghana, a subsidiary of the multinational telecom service provider MTN Group, is Ghana’s largest telecom operator, with a total subscriber base of 25.2 million and 11.9 million active data subscribers as of Sept. 2021.

Its revenue lines, including airtime and subscription, interconnect and roaming, SMS, data, handsets and accessories, mobile money, and value-added services generated ₵5.56 billion ($906 million) in revenue in the first nine months of its current financial year.

Asante, the first Ghanaian to head MTN’s operations in Ghana, holds a beneficial 0.65-percent stake in the country’s telecom service provider, making him the single largest individual shareholder, with an ownership stake of 8,000,100 ordinary shares.

As of press time, Nov. 26, shares in the company were trading at ₵1.2 ($0.1955) on the Ghana Stock Exchange, unchanged from their opening price on Thurs., Nov. 25, as bearish and bullish sentiments were evenly cleared out.

At the current price, the market value of Asante’s stake is ₵9.6 million ($1.56 million), making him one of the wealthiest investors on the local exchange.

Research conducted by Billionaires.Africa revealed that Asante, who is MTN group vice president for West and Central Africa, has seen the market value of his stake in the leading telecom service provider increase by more than $720,000 since the start of the year.

The year-to-date gain in the market value of his stake can be linked to the 87.5-percent surge in the share price of MTN Ghana on the Ghana Stock Exchange, as investors sustained buying interest in the company.

In the first nine months of 2021, the company’s revenue surged by 24.9 percent from ₵4.46 billion ($726.3 million) in 2020 to ₵5.56 billion ($906 million), while its profit surged by 34 percent from ₵875.86 million ($142.61 million) to ₵1.06 billion ($172.6 million).