MTN Nigeria Communications Plc (MTNN) has announced the price of its initial public offering to retail investors.
The company is making 575 million of its shares available to the public at N169 per unit, and sales will open at 8:00 am on December 1 and close at 5:00 pm on December 14. It is the first time the company will invite subscription from the public nearly two years after it debuted on the Nigerian Exchange Limited (NGX).
MTN made the disclosure of its shares in a statement on the NGX website,
“The minimum subscription is for 20 shares and lots of 20 shares thereafter. The offer includes an incentive in the form of 1 free share for every 20 shares purchased, subject to a maximum of 250 free shares per investor,” he said.
“The incentive is open to retail investors who buy and hold the shares allotted to them for at least 12 months, post the allotment date.”
This retail offer will be delivered via a digital platform, the first in Nigeria. By using the power of technology, the telco intends to facilitate the maximum possible participation by Nigerian investors, MTNN said.
Commenting on the price announcement, MTN Nigeria’s Chief Executive Officer, Karl Toriola, said: “The success and growth of MTN Nigeria is intrinsically linked to that of Nigeria and Nigerians. Therefore, we are very excited to offer Nigerians the opportunity to own shares in MTN Nigeria.”
“Our journey to becoming the largest network in Nigeria has been humbling, but we still have a long way to go. There is much more to do to support the evolution of an inclusive digital economy, and we continue to invest as we evolve into a truly digital operator, capable of seamlessly integrating value across the evolving telecommunications, digital and fintech segments.”
This move is a broader arrangement to enlarge its market capacity to other African countries including Zambia and Uganda.
Via: Premium Times