MTN Nigeria Begins Sale Of 575m Shares
MTN Nigeria Communications Plc (MTN Nigeria) has begun the sale of 575 million shares held in MTN Nigeria by MTN Group. Information Guide Nigeria
According to THE NATION, the shares have been sold to retail investors to broaden the shareholding base of the telecoms company.
THE NATION reports that this was disclosed by its Chief Executive Officer, Karl Toriola, during a press conference yesterday.
According to Karl Toriola, 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.
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The offer is Priced at N169.00 per share (the offer), the minimum subscription is for 20 shares and lots of 20 shares thereafter. This offer will open at 8:00am today and close at 5:00 pm on December 14, 2021.
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.
According to THE NATION, the incentive is open to retail investors who buy and hold the shares allotted to them for at least, a period of 12 months, post the allotment date.
The book-building for institutional investors was done last week with a price range of N165 and N175. 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. Jamb Result
THE NATION reports that the retail offer is the first in Nigeria to be delivered via a digital platform and it aims to facilitate the maximum possible participation by Nigerian investors.
(THE NATION)
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