Home Technology MTN’s public offer of 575m ordinary shares ends

MTN’s public offer of 575m ordinary shares ends

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After two weeks of MTN launching its public offer, which began on December 1, 2021, the nationwide extensive stakeholder engagement has now closed.

The shareholders who took advantage of the opportunity will be announced following the allotment of the shares by the Security and Exchange Commission (SEC).

This comes after MTN Nigeria announced the Group’s intention to offer 575 million ordinary shares to retail investors in November and proceeded with the sale which drew excitement from the retail investing public.

The launch of the sales offer was followed by a nationwide roadshow to various cities across the country, including Sokoto, Oyo, Delta, Akure, Calabar, Enugu, Lagos, and Yola, where MTN executives engaged potential investors and stakeholders in the aforementioned states.

The offer was described as “innovative” for its incentive structure and digital application process. Investors who buy and hold the shares allotted to them for at least 12 months after the allotted date are allowed an incentive of one free share for every 20 shares purchased.

The offer is also the first digital subscription in Nigeria through a primary offer administered by a Nigerian Exchange Limited (NGX), allowing investors to subscribe for the shares electronically.

Meanwhile, the offer has been described as the first step in a series of offers over the near to medium-term for MTN Group to sell down a total of up to 14% shareholding in MTN Nigeria and result in greater ownership by Nigerian institutional and retail shareholders and increased liquidity of the share on the Nigerian Stock Exchange.

However, the company explained that contrary to some theories, the aim of the public offer and the following steps is to build a local shareholder base of more than two million Nigerians and the largest retail shareholders in the country.

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