MTN Nigeria is targeting about N97 billion from the public
offer which opens at 8:00am today 1 December 2021 and close at 5:00 pm on 14
December 2021. The minimum subscription is for 20 shares and lots of 20 shares
thereafter.
The offer includes an incentive in the form of one free
share for every 20 shares purchased, subject to a 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.
Speaking on the price announcement, at briefing yesterday
which held both physically and virtually,
MTN Nigeria 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.”
The retail offer is the 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.
The company also disclosed that it will issue a green shoe
which is that in the event of an oversubscription, up to another 15 per cent of
those shares will be available on offer.
“This offer is series one in a number of planned offerings
by MTN 575 million shares at N169 per share are being offered which will
deliver proceeds of approximately N97 billion,” chief executive officer, Chapel
Hill Denham, Bolaji Balogun who was at the press briefing to launch the public
offer said.
The highlight of the event include the signing of memorandum
of understanding between MTN and the Nigerian Exchange Limited.
Slated to open on 1 December 2021 and close on 14 December
2021, it has minimum subscription of 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.
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 communications
firm said yesterday.
The retail offer is the 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.
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