By Chinwendu Obienyi
The Chief Executive Officer, MTN Group, Ralph Mupita, says with over 6.6 million Nigerians directly or indirectly becoming shareholders in MTN Nigeria, the objective of broadening the shareholder base and creating shared value has been achieved.
This was even as the company disclosed that the MTN Public offer was oversubscribed by 139 per cent with valid applications for a total of 801.97 million units.
In a filing sent to the Nigerian Exchange (NGX) Limited on Tuesday, the company noted that the offer led to the activation of the approved 15 per cent over-subscription clause of an additional 86.25 million units of shares.
According to the filing, 661.25 million units of MTN Nigeria shares were allotted and a total of 126,720 retail investors submitted valid applications and received the full allotment of the shares.
The offer also created 114, 938 new CSCS accounts indicating just how strong the offer was. In addition to this, institutional investors including pension funds, insurance companies, asset managers, corporates, and foreign portfolio investors who participated in the bookbuild were allotted 72.09 per cent of their applications.
Hence, MTN Group’s shareholding in MTN Nigeria has reduced by 3.25 per cent from 78.83 per cent to 75.58 per cent, following the completion of the exercise.
