MTN Shares Goes On Sale At Just N169 Per Share

MTN Nigeria Communications Plc is luring retail investors with a N21.00 per share discount as its public offering begins today at N169.00 per share. On Tuesday, the Nigerian Exchange Limited (NGX) closed the Company’s stock at N190.00 per MTN shares.

MTN announced the start of a N97.18 billion public offering to retail investors yesterday. The company will sell 575 million ordinary shares held by MTN Group in MTN Nigeria for N169.00 per share.

The offer, which begins today and ends on December 14, 2021, is Nigeria’s first to be offered through a digital platform. According to the business, the offer would allow the parent company to lower its stake in MTN Nigeria by 65%.

According to the offer prospectus, the minimum subscription is for 20 shares, followed by lots of 20 shares, with an incentive of one free share for every 20 shares purchased, up to a maximum of 250 free shares per investment. Retail investors who buy and hold the shares assigned to them for at least 12 months after the allotment date are eligible for the bonus.

The company stated that the offer aimed to promote the maximum potential participation by Nigerian investors by utilizing the power of technology.

MTN Nigeria’s Chief Executive Officer, Karl Toriola, commented on the price announcement, saying:

“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 of MTN Group, stated that the offer is in line with the company’s strategic aim of creating shared wealth.

“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 percent 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.”

Source: Nyscinfo

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