MTN Nigeria Communications Ltd. (MTNN) has announced that its public offer to retail investors for the sale of 575 million shares held in MTNN by MTN Group, will be prices at N169 per share.
This is contained in a notice signed by the Company Secretary, Uto Ukpanah posted on the website of the Nigerian Exchange (NGX) Liter on Tuesday in Lagos.
According to the notice, the offer will open on Dec. 1 by 8:00 a.m. to close on Dec. 14 by 5:00p.m., the minimum subscription is for 20 shares and lots of 20 share thereafter.
It said that the offer includes an incentive in the term of one free share for every 20 shares purchased, subject to to maximum of 250 free shares per investor. 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.
The notice explained that the retail offer is first in Nigeria to be delivered via a digital platform. By using the power of technology, it aims to facilitate the maximum possible participation by Nigerian investors.
MTNN Chief Executive Officer, Mr Karl Toriola said: “The success and growth of MTNN is intrinsically linked to that of Nigeria and Nigerians. Therefore, we are very excited to offer Nigerian the opportunity to own shares in MTNN.”
The Group President/Chief Executive Officer, Mr Ralph Mupital said that the offer aligns with MTN Group’s strategic priority to create shared value.
“In the last 20 years, we have worked diligently to connect 68 million subscribers onto voice and data networks and ensure that we deliver the benefits of a modern connected life.
“With this offer, we will contribute tot he further deepening of Nigeria’s equity capital markets. It is the first in a series of transactions as the MTN Group implements it’s plan to ensure broad-based ownership by reducing it’s shareholding in MTNN to 65 per cent over time.
“We thank the Nigerian authorities for the support we as a Group have received in the various approvals related to this offer and remain committed to plat our humble role in driving digital and financial inclusion across the country over the medium-term,” he said.
According to the notice, investors WI be able to submit applications through issuing houses, receiving agents, online, via a unique digital application platform.