MTN GROUP announced on Tuesday that it had received approval from the Securities and Exchange Commission to sell up to 575 million ordinary shares in MTN Nigeria.
According to notification to the Nigerian Stock exchange, the sale of the shares will be done by way of a book-build to qualified investors (Institutional Offer) and a fixed price to retail investors.
The Institutional Offer opens on 23 November 2021 and closes 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.
“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 per cent shareholding in MTN Nigeria,” said MTN Group CEO Ralph Mupita.
“This should result in greater ownership by Nigerian institutional and retail shareholders, and increased liquidity of the share on the Nigerian Stock Exchange.”
The MTN Group currently holds a 78.8 per cent shareholding in MTN Nigeria.