- Tingo Inc has recently submitted its application to list its shares on the New York Stock Exchange
- The company has sought to increase overall liquidity in their shares and drive shareholder returns
- Peer companies operating within Tingo Inc’s business verticals have enjoyed outstanding returns this year, a testament to the growth in demand for sectors such as e-commerce marketplaces and fintech services
Tingo (OTCQB: IWBB), a digital service agri-fintech technology company focused on foundation-level agriculture and related financial services in Africa, recently revealed that it has applied to list its shares for trading with the New York Stock Exchange (“NYSE”), forming part of the company’s efforts to broaden its appeal to U.S. and international investors. Whilst there are no guarantees that its listing application will be accepted, the Company has reiterated its belief that it will satisfy the NYSE’s initial listing criteria.
Dozy Mmobuosi, CEO of Tingo commented regarding the listing application, “I am pleased to announce our plans to list on the New York Stock Exchange. This is an important step forward for Tingo. The NYSE is the main stock exchange the United States and one that will raise our profile to the broader investment community. The bottom-up list will increase liquidity in our stocks and ultimately create shareholder value in line with our international peer groups.”
Tingo Inc has based its unique business model around four core pillars, namely – device as a service, mobile voice and data services, the Nwassa Marketplace Platform and Tingo Pay, all of which provide the parent company with exposure to some of the fastest growing sub-sectors within the listed equity universe. However, the African continent’s e-commerce industry still finds itself at a relatively nascent stage; despite being home to a youthful demographic, online retail revenues in Africa accounted for only $20 billion in 2020, equivalent to 3.5% of total retail sales. In absolute terms, that would place the African continent’s e-commerce expenditure below the likes of Australia, despite boasting a population on par with that of China.
Tingo Inc’s planned NYSE listing provides global investors with access to a rare and diversified investment opportunity within the African continent, with investors previously constrained when seeking to gain exposure to the latter geography (https://ibn.fm/nLqVp)
The company’s prospects however look extremely bright, when compared to its peers; online marketplaces and fintech focused firms have all enjoyed a stellar run thus far this year. South Africa’s MTN Group (JSE: MTN), Africa’s largest mobile operator, has seen its shares appreciate by over 130% year-to-date whilst dLocal (NASDAQ: DLO), a Uruguay-based, emerging markets focused payment platform has seen its shares nearly double since listing in early June, giving the company a market capitalization of over $16 billion.
With a stated aim of being into Africa’s leading agri-fintech company, focused on driving financial inclusion, social betterment, and wealth creation within Africa’s agricultural sectors, Tingo Inc ranks amongst the rarest of companies – driving social change whilst simultaneously, boosting shareholder returns.
For more information, visit the company’s website at www.TingoGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to IWBB are available in the company’s newsroom at https://ibn.fm/IWBB
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