Business
MTN CEO, Karl Toriola, others make N250.36bn as stock offer nears end
Shareholders of MTN Nigeria, including the telecommunications company’s Chief Executive Officer, Karl Toriola, made a whooping N250.36 billion as its stock offer comes to an end on Tuesday.
According to analysis of MTN Nigeria trading activity on Monday, the capital market’s asking price for the y’ello network share was up 7.04 percent in eight hours.
MTN’s stock price gained N12.3kobo per share during business hour, surging to N186.8kobo on Monday evening from the N174.5kobo it closed the bourse with last week Friday.
This lifted the telecommunications company’s market valuation to N3.80 trillion, up from N3.55 trillion, to extend the gap between it and closest rival, Airtel Africa, worth N3.58 trillion in the bourse.
Read also: MTN Nigeria appoints Toriola as CEO designate
Shareholders made a total of N250,360,510,515 from the stock exchange after the 7.04 percent appreciation, following MTN Nigeria’s share failure to gain in four days last week, as the stock traded flat at N174.5kobo.
The significant surge comes at a period MTN Group’s primary offer of MTN Nigeria share at N169 – that comes with a bonus share for retail investors buying 20 shares – comes to an end.
MTN Group had moved to sell 575 million shares at N169 per share between December 1 to December 14. The offer price is 10.53 percent lower than the market price it closed Monday’s trading with – although the latter had fallen as low as N167 during the offer period.
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