MTN Nigeria to allot free shares to investors
MTN Nigeria Communications Plc is finalising plans to distribute free shares to shareholders who purchased shares in the company during its public offer for sale in December 2021.
MTN Nigeria said in a regulatory filing over the weekend that it was finalising plans to distribute incentive shares to shareholders who bought into its public offer and held at least 20 ordinary shares between January 31, 2022 and January 31, 2023.
👉 Relocate to Canada Today!
Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaIn its December 2021 public offer for sale, the communication firm included an innovative incentive structure of one free share for every 20 purchased, up to a maximum of 250 free shares per investor. Thus, an additional 4.28 million shares will be allotted to qualifying investors who hold the shares allotted to them for a period of 12 months until January 31, 2023.Information Guide Nigeria
Other Top Stories:
- FG restates commitment to climate change control
- Lagos warns against unapproved house plan
- FG approves pay rise for NPA workers
- Six listed firms violated rules in 2022 – Report
After receiving regulatory approval, the company stated that all qualified shareholders on the company’s register as of January 31, 2023 would have their incentive shares credited to their Central Securities and Clearing System accounts.JAMB portal
To qualify for the incentive shares, a subscriber must have held at least 20 shares for the previous 12-month period and be on the company’s register as of January 31, 2023.
MTN Nigeria’s N97.18 billion public offer received N135.53 billion in subscriptions, representing a 39.5 percent oversubscription.
MTN Nigeria had offered 575 million ordinary shares of 50 kobo each to the general retail investing public at a price of N169 per share. The application list for the offer opened on December 1, 2021 and closed at 5.00pm on December 14, 2021, as planned.NYSC portal
According to MTN Nigeria’s allotment details, an additional 86.25 million shares were added to absorb oversubscription, in accordance with the offer’s provisions, which allowed the issuer to absorb an additional 15% of subscriptions.
A breakdown revealed that retail shareholders received full allotment despite the oversubscription, whereas institutional shareholders in the book building phase were pro-rated as a result of the oversubscription.
👉 Relocate to Canada Today!
Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaA total of 114,938 new accounts from new market participants were created at the stock market, with approximately 76 percent of successful applicants through the digital platform being women, with 85 percent of these under 40.
Valid applications were received for 801.97 million shares, resulting in the activation of the approved 15% oversubscription clause for an additional 86.25 million MTN Nigeria shares. In total, 661.25 million shares were distributed.JAMB Result
Check: JAMB Result
Check and Confirm: How much is Dollar to Naira today