Millicom begins trading on Nasdaq
Luxembourg-based telecommunications operator Millicom, with close to 31mn mobile subscribers in Latin America under the Tigo brand, started trading its shares on the US-based Nasdaq stock exchange on Wednesday, in a move to increase the liquidity of the stock.
Millicom, which already trades on the Nasdaq Stockholm exchange, had announced its intention to start trading in the US in early 2018. The company will trade under the Tigo name and will keep its Swedish listing.
The telecoms operator reported US$3bn in revenues in the nine months to September of 2018, with investments of US$629mn over the same period.
It recently acquired an 80% stake in Panama's Cable Onda, the largest cable and fixed telecoms operator in the country, for around US$1bn.
"Listing our shares in the U.S. is a logical next step in our journey to transform Millicom by accelerating our cable expansion and focusing on Latin America ... Our primary goal is to make it easier for investors to buy and own our shares, and we hope that this will enhance our stock's liquidity over time," Millicom CEO Mauricio Ramos (pictured) said in a company statement.
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