Communications Sector: MTN Offers 575 Million Shares For Sale, Denies Plan To Exit Nigeria

MTN Nigeria Communications Plc has announced that it has no plan to exit the Nigerian market though the planned public offer of its shares to retail investors worth at least N97.18bn.

In a statement on Tuesday, the company said it is ready to offer 575 million shares in MTN Nigeria at N169.00 per share to retail investors.

“The Offer will open at 8:00am on December 1, 2021 and close at 5:00 pm on December 14, 2021. The minimum subscription is for 20 shares and lots of 20 shares thereafter.” The statement read.

“The offer includes an incentive in the form of one 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.” MTN explained.

MTN Group President and Chief Executive Officer, Ralph Mupita, said the offer is in line with the group’s priority to create shared value adding that the offer was the first in a series of transactions scheduled to reduce its shareholding in MTN Nigeria to 65 per cent over time.

According to the company, the retail offer will be delivered through a digital platform (Primary Offer).

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