Business

MTN Sells 575m shares to Nigerians at N169 Each

MTN Nigeria Communications Plc (MTN Nigeria) has launched the first of a series of public offerings to retail investors for the sale of up to 575 million MTN Nigeria shares. The price per share for the offer is N169.00.

MTN Nigeria expects to raise about N97 billion from the public offering, which will begin at 8:00 a.m. on December 1, 2021 and end at 5:00 p.m. on December 14, 2021. The minimum subscription is for 20 shares, with subsequent lots of 20 shares.

One free share for every 20 shares purchased, up to a maximum of 250 free shares per investor, is included in the offer. Retail investors who buy and hold the shares assigned to them for at least 12 months after the allotment date are eligible for the bonus.

Speaking on the price announcement, at briefing yesterday which held both physically and virtually, MTN Nigeria chief executive officer, Karl Toriola, said: “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.”

“Our journey to becoming the largest network in Nigeria has been humbling, but we 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 fintech segments.”

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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.

The company also disclosed that it will issue a green shoe which is that in the event of an oversubscription, up to another 15 per cent of those shares will be available on offer.

“This offer is series one in a number of planned offerings by MTN 575 million shares at N169 per share are being offered which will deliver proceeds of approximately N97 billion,” chief executive officer, Chapel Hill Denham, Bolaji Balogun who was at the press briefing to launch the public offer said.

The highlight of the event include the signing of memorandum of understanding between MTN and the Nigerian Exchange Limited.

Slated to open on 1 December 2021 and close on 14 December 2021, it has minimum subscription of 20 shares and lots of 20 shares thereafter. The Offer includes an incentive in the form of 1 free share for every 20 shares purchased, subject to a maximum of 250 free shares per investor. The incentive is open to retail investors who buy and hold the shares allotted to them for at least 12 months, post the allotment date, the communications firm said yesterday.

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.

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