MTN Nigeria Communications Plc (MTN.ng) today announced that the Securities and Exchange Commission (SEC) has approved an offer for sale of up to 575 million ordinary shares in MTN Nigeria, by way of a bookbuild to qualified investors (Institutional Offer) and a fixed price to retail investors (Retail Offer).
The Institutional Offer opens on 23 November 2021 and closes at 15.00 on 26 November 2021, after which a fixed price will be determined for the Retail Offer. The Retail Offer is proposed to open after the Institutional Offer, and an announcement will be published in this regard once clearance is obtained from the SEC.
Group President and Chief Executive Officer Ralph Mupita: “MTN Group is pleased with the launch of this public offer. This is 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. This should result in greater ownership by Nigerian institutional and retail shareholders, and increased liquidity of the share on the Nigerian Stock Exchange.”
MTN Group currently holds 78.8% shareholding in MTN Nigeria. Bloomberg previously reported that MTN plans to sell shares in its Nigerian unit worth about 101 billion naira (R3.89 billion). This is part of MTN’s plan to dispose of assets and pay down debt.
