MTN Nigeria has said that it will commence the widely anticipated public offer of its 575 million shares from Wednesday, the 1st day of December, 2021.
The offer will open at the aforementioned date by 8:00 am prompt and close at 5:00 pm on the 14th of December, 2021.
In a press statement recently issued by the company, and signed by its secretary, Uto Ukpanah, the telecommunications giant revealed that it will be offering the 575 million shares held by MTN Group to retail investors at N169 per share.
In view of this, the company could potentially raise about N97.2 billion from the widely anticipated offer.
According to the disclosure, the minimum subscription is 20 shares and thereafter in multiples of 20 shares. The offer includes a bonus share of one share for every 20 shares bought by a retail investor subject to maximum bonus shares of 250 per investor.
However, to qualify for the free share, such retail investors must buy and hold the shares for at least 12 months after the allotment date.
Interestingly, the retail offer is the first in Nigeria to be delivered via a digital platform. In view of this, telecommunications aims to leverage the power of technology to enhance greater participation from Nigerian investors.
Commenting on the recent development, the Chief Executive Officer of MTN Nigeria, Karl Toriola, 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.’’
On the other hand, MTN Group President and Chief Executive Officer, Ralph Mupita, said the Offer aligns with MTN Group’s strategic priority to create shared value.
He said: “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 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 per cent 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.’’