From Uche Usim, Abuja
MTN Nigeria Communications Plc, on Tuesday, announced the listing of 575 million shares held in MTN Nigeria by MTN Group to retail investors at N169.00 per share.
It is also offering retail investors one additional share for every 20 shares purchased, (subject to a maximum of 250 free shares per investor) and provided they do not sell off the shares within a year.
The company’s Chief Executive Officer, Mr Karl Olutokun Toriola, who made these disclosures in Abuja at a media briefing, said the offer opens on December 1 and runs till December 14.
If the subscription goes as designed, the company could realise well over N100 billion.
According to him, in the event the offer is oversubscribed, MTN is willing to offer an additional 15 per cent of the initial subscription, stressing that MTN will like as many Nigerians as possible to own a part of the company via shares.
He added that the retail offer was the first in Nigeria to be delivered via a digital platform, leveraging on the power of technology, which ultimately ensures maximum possible participation by Nigerian investors.
He clarified that the company was on a revenue drive but a window to offer Nigerians a slice of MTN.
Toriola further revealed that MTN management will be travelling across the country to galvanize Nigerians to buy shares in the firm.
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 fo 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.”
MTN Group President and Chief Executive Officer, Ralph Mupita, said 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 to the further deepening of Nigeria’s equity capital markets. It is the first in a series of transactions as the MTN Group implements its plans to ensure broad-based ownership by reducing its shareholding in MTN Nigeria to 65% over time. We thank the Nigerian authorities for the support we as MTN Group have in various approvals related to this offer.
“Investors will be able to submit applications through the issuing houses, receiving agents, and online via a unique digital platform, primary offer administered by the Nigerian Stock Exchange”, he said.
Also speaking at the event, the Chief Executive Officer of Nigeria Exchange Limited (NGX), Remi Popoola described the development as an exciting milestone in the annals of the country, especially as the deal will be carried out via a digital platform.