MTN announces plan to sell first public shares after 2yrs

For the first time, MTN Nigeria Communications Plc will put up its shares for sale to the Nigerian investing public.

The transaction will total 575 million units and will also be open to institutional investors.

MTN was first listed on the stock exchange in 2019 and is one of the most capitalized stocks.

In a note to the Nigerian Exchange, the telecommunication firm did not provide details of when the offer will be live but announced it will close in December.

The statement signed by Company secretary, Uto Ukpanah reads: “MTN Nigeria Communications PLC (MTN Nigeria) is pleased to inform the market that MTN Group Limited has announced its intention to proceed with a public offer for sale of up to 575 million shares in MTN Nigeria by way of a bookbuild to institutional investors and fixed price to retail investors.

“The Offer is anticipated to open in November 2021 with a bookbuild to institutional investors, after which a fixed price is expected to be announced for retail investors also in November 2021.

READ ALSO: MTN parts with N71.97bn to remain in business in Nigeria

“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% of its current shareholding in MTN Nigeria.

“Further information about the Offer and ways to subscribe will be provided.”

Ripples Nigeria has reported that MTN recorded its biggest revenue within a nine period.

The revenue which was N1.2 trillion was, in fact, higher than the oil revenue of the Federal Government in the first 8 months of 2021.

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