Chaka to refund buyers of MTN Nigeria shares as primary offer ends

Chaka Technologies, a tech-enabled investment exchange, will be refunding subscribers to the MTN Group primary share offer, following an oversubscription within two weeks.

Ripples Nigeria had reported that MTN Group conducted a primary share offer of 575 million shares (owned in MTN Nigeria) at N169 per share, that came with a share bonus for every 20 shares bought by a retail investor.

The primary offer came to an end on Tuesday, December 14, 2021, after it began on December 1, this year, as the parent company of MTN Nigeria made N97.17 billion from the sale.

READ ALSO: MTN Nigeria stock hits four-month low, as shareholders lose N468.2bn to sell off

At the end of the primary offer, Ripples Nigeria gathered that Chaka, which is one of the channel used to acquire the shares by investors, will be refunding some buyers.

Following an equity from the company’s rep, who simply identified herself as Precious, it was learnt that there were more buyers than the available shares.

According to her, persons that had paid but unable to get shares “will be refunded” their money, stating that the only available MTN Nigeria shares was the outstanding shares that isn’t from MTN Group.

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