Telecommunications giant, Mobile Telephone Network Ghana (MTN Ghana), has decided to sell 4.41 per cent of its additional shares to its staff, despite an agreement between Government and the former to sell the additional shares to existing shareholders.
The agreement according to Government, is to aid the localization of the South African company since its listing on the Ghana Stock Exchange (GSE) on May 29, 2018.
A circular issued by MTN Ghana to existing shareholders called for an extraordinary meeting for the approval of the sell of its additional shares to staff.
MTN Ghana in the circular, further noted that it intends to buy back a little over 1 million shares from existing shareholders over their failure to fulfill the “loyal customer” requirement of its listing on the GSE.
MTN Ghana currently has 12.29 billion outstanding shares with a market capitalization of Ghs 7.5 billion on the Ghana Stock Exchange.
