”Our journey to becoming the largest network in Nigeria has been humbling, but we still have a long way to go”
Nigeria’s largest telecommunications company MTN Nigeria Communications Plc, has announced that it will open public offering of 575 million ordinary shares to the general retail investing public at a price of N169 per share.
Uto Ukpanah, company secretary, MTN Nigeria disclosed this in a statement made available to Nigeria CommunicationsWeek on Tuesday, in Lagos.
The Offer according to Ukpanah will open at 8:00am on 1 December 2021 and close at 5:00 pm on 14 December 2021.
“The minimum subscription is for 20 shares and lots of 20 shares thereafter. The Offer includes an incentive in the form of 1 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 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”.
Commenting on the price announcement, Karl Toriola, chief executive officer, MTN Nigeria 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.”
“Our journey to becoming the largest network in Nigeria has been humbling, but we still have a long way to go. There is much more to do to support the evolution of an inclusive digital economy, and we continue to invest as we evolve into a truly digital operator, capable of seamlessly integrating value across the evolving telecommunications, digital and fintech segments.”
Ralph Mupita, president and chief executive officer, MTN Group, said the Offer aligns with MTN Group’s strategic priority to create shared value.
“In the last 20 years, we have worked diligently to connect 68 million subscribers onto voice and data networks and ensure that we deliver the benefits of a modern connected life.
“With this Offer, we will contribute to the further deepening of Nigeria’s equity capital markets. It is the first in a series of transactions as the MTN Group implements its plans to ensure broad-based ownership by reducing its shareholding in MTN Nigeria to 65% over time.
“We thank the Nigerian authorities for the support we as MTN Group have received in the various approvals related to this Offer, and remain committed to play our humble role in driving digital and financial inclusion across the country over the medium-term”.
Investors will be able to submit applications through the Issuing Houses, Receiving Agents (authorised Stockbrokers and Nigerian banks) and online via a unique digital application platform, PrimaryOffer, administered by the Nigerian Exchange Limited.