MTN Nigeria to conclude sale of 575m shares to investors

MTN Nigeria Communications Plc (MTN Nigeria) has announced that it intends to proceed with its public offer for sale of up to 575 million shares by way of a bookbuilding to institutional investors and fixed price to retail investors.

The telecom company disclosed this to the investing public via a filing obtained from the Nigerian Exchange Limited (NGX)’s website on Thursday.

The company had in August 2021, hinted that it will be selling 14 per cent of its shares to over 2 million Nigerian retail investors.

The company in a statement signed by the company’s secretary, Uto Ukpanah, yesterday, said, the Offer is expected to open in November 2021 with a bookbuilding to institutional investors, after which a fixed price is expected to be announced for retail investors also in November 2021.

“The offer is expected to close in December 2021. This is the first step in MTN Group’s previously communicated statement of intent to sell down approximately 14 per cent of its current shareholding in MTN Nigeria.

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Further information about the offer and ways to subscribe will be provided”, the statement said.

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