MTN Group launches public offer of its shares to retail investors in Nigeria
MTN Group Limited is all set to sell a total of 575 million ordinary shares in its Nigerian subsidiary to retail investors in the West African country.
In a regulatory filing with the Nigerian Exchange Limited, MTN Nigeria explained that the shares, which has been held overtime by its parent company, will be sold at an offer price of $0.41 (N169) per share.
The statement also explained that the offer will officially open today, December 1st, 2021, and last between 8: am and 5: pm. The transaction will be conducted digitally, making it the first retail offer in Nigeria to be delivered through a digital platform.
Commenting on the offer, MTN Nigeria’s 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.“
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Also commenting on the public offer in Nigeria was Ralph Mupita, the Chief Executive Officer of MTN Group Limited.
He said that the public offer would contribute immensely towards deepening Nigeria’s equity capital market. He also noted that the offer is the first in a series of transactions planned for the Nigerian market, as MTN Group continues to make room for a broad-based ownership of its shares.
Note that the public offer followed a series of regulatory approvals which MTN obtained from Nigerian authorities. Interested investors are encouraged to submit their applications through issuing houses, receiving agents and a unique online application platform via the Nigerian Exchange Limited’s website.
