MTNNigeria on Tuesday said it will open the public offer for the sale for the 575 million share to retail investors at N169 per share on Wednesday Decemeber 1, 2021, this represents a premium of N21 per share for investors.
MTN share traded at N190 per share on Tuesday on the floor of the NGX, meaning that investors will be buying the share on sales at a discount of about N21 per share during the public offering. In a regulatory filing with the Nigerian Exchange Limited (NGX), the local unit of South Africa telecom firm said;”The minimum subscription is for 20 shares and lots of 20 shares thereafter. “The offer includes an incentives in the form of 1 free share for every 20 shares purchased, subject to a maximum of 250 free shares per investors,” MTN said in the communication with the Exchange. It said the incentive is open to retail investors who buy and hold the shares alloted to them for at least 12 months, post the allotment date. According to the telecom firm, the retail offer is the first in Nigeria to be delivered via a digital platform. By using the power of technology, it aims to facilitate the maximum possible participation by Nigerian investors.
Chief executive officer of the company, Karl Toriola noted that: “The success and growth of MTN Nigeria is intrinsically linked to that of Nigeria and Nigerians. Therefore, we are very excited to offer Nigerians the opportunity to own shares in MTN Nigeria.” Toriola said the company’s journey to become the largest network in the country has been humbling, but MTN still have a long way to go. “There is much more to do to support the evolution of an inclusive digital economy, and we continue to invest as we evolve into a truly digital operator, capable of seamlessly integrating value across the evolving telecommunications, digital and finteech segments,” the CEO said. Last week, the telecom firm announced that it has opened offer for institutional investors from November 23 to November 26 for the offer for sales of up to 575 million ordinary shares owned by MTN International (Mauritius) limited in the local unit. This followed the regulatory approval by the Securities and Exchange Commission (SEC) for the telecom firm to dispose off the share held by MTN Group in the Nigeria unit.
From Global financial digest
