MTN Nigeria To Sell 575 Million Shares

MTN Group has announced plans to sell 575 million shares in MTN Nigeria in a bid to open up 14% of current shareholding to Nigerians in a move that is also expected to deepen the stock market.

This was contained in a notice signed by the Company Secretary, Mrs Uto Ukpanah on Thursday in Lagos.

The statement said the public offer would be by way of book build to institutional investors and fixed prices to retail investors.

“Today we announce our intention to proceed with a public offer for sale of up to 575 million shares in MTN Nigeria, by way of a book build to institutional investors and fixed price to retail investors.

“The offer is anticipated to open in November 2021 with a book build to institutional investors, after which a fixed price is expected to be announced for retail investors also in November 2021,” it said.

It added that the offer would close in December 2021.

“This is the first step in MTN Group previously communicated statement of intent to sell down approximately 14 per cent of its current shareholding in MTN Nigeria,” it said underlining the company’s apparent willingness to heed to desires to dilute its shares by selling more stake to Nigerians.

The notice also said that further information about the offer and ways to subscribe would be provided in due course. (NAN)

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