MTN Nigeria Communications Plc (MTN Nigeria) today begins the sale of 575 million shares held in MTN Nigeria by MTN Group to retail investors to broaden the shareholding base of the telecoms company.
Its Chief Executive Officer, Karl Toriola, during a press conference yesterday said the sale of the shares was not designed to raise funds for the company but to deepen its shareholding and enable more Nigerians partake in the prosperity of the company.
The offer will open at 8:00am today and close at 5:00 pm on December14, 2021. Priced at N169.00 per share (the offer), the minimum subscription is for 20 shares and lots of 20 shares thereafter. 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.
The public offer is an offer for sale by MTN Group, which is divesting part of its shares in MTN Nigeria to allow Nigerian institutional and retail investors to buy equities in the telecommunications giant. The book building for institutional investors was done last week with a price range of N165 and N175.
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.
