JOHANNESBURG — South African pay television station M-Net has listed itself on the Nigerian stock exchange (NSE), taking the company into the most populous market in Africa.
The Nov. 19 listing by M-Net and its sister sports channel Supersport marked the first entry of a foreign company onto the NSE.
Some 800,000 shares changed hands on the first day of trading at an average price of 92.39 naira (93¢).
M-Net executives believe that by listing on the NSE, the South African company will eventually attract an additional 1 million subs to add to its existing subscriber base of 1.2 million, most of them in South Africa.
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