MTN Nigeria, a telecommunications company, has announced a public offering of 575 million shares at N169 per share, which will begin on December 1, 2021, and end on December 14, 2021.
Karl Toriola, MTN Nigeria’s Chief Executive Officer, revealed that the plan to offer the shares began in May 2019.
MTN seeks to allow the maximum possible involvement by Nigerian investors by using technology, according to Toriola.
Toriola says that the “Retail Offer,” which would be offered through a digital platform, is the first of its kind in Nigeria.
MTN, on the other hand, made it clear that it was not seeking funds from the capital markets, but rather wanted Nigerians, particularly the retail sector, to share in the company’s profits.
Temi Popoola, the Chief Executive Officer of the Nigeria Exchange Group (NGX), stated that this is a chance for Nigerians to own a piece in MTN Nigeria.
MTN, on the other hand, has a lot more work to do to assist the emergence of a more equitable digital economy, according to Toriola.
Mr. Ralph Mupita, MTN Group President and Chief Executive Officer, said the offer was in line with the company’s strategic focus of creating shared wealth.
MTN’s Chief Financial Officer, Modupe Kadiri, said the sale was first made available to institutional investors via a build book from November 23 to November 26, but the public offering will begin at 8 a.m. on December 1 and will run until December 14, 2021. The retail promotion would be available for two weeks. Institutional investors will receive 10% of the shares, while the remaining 90% will be available to the general public.”
The minimum number of shares that can be purchased is 20. The MTN offer comprises one bonus share for every 20 acquired, up to a maximum of 250 free shares per investor, and is applicable to retail investors who have held their shares for at least 12 months after allotment.