MTN Nigeria secures regulatory approval for its public offer, launches equity book-build to qualified investors

MTN Nigeria has launched an equity book-build to qualified investors ahead of its planned sales of 575 million ordinary shares of the company to the public. This is coming after the telecommunications company had obtained regulatory approval from the Securities and Exchange Commission (SEC) to proceed with the offer.

The recent development was confirmed by the firm in a press statement signed by its secretary, Uto Ukpanah, and made available on the website of the Nigerian Exchange Limited (NGX).

Excerpt of the recent press release reads: “MTN Nigeria Communications Plc (MTN Nigeria) is pleased to announce that the Securities and Exchange Commission (SEC) has approved an offer for sale of up to 575 million ordinary shares in MTN Nigeria held by MTN International (Mauritius) Limited, by way of a book-build to qualified investors (Institutional Offer) and a fixed price to retail investors (Retail Offer).’’

According to the disclosure, the Institutional Offer will open at 12:00pm on 23rd of November 2021 and close by 2:00 pm on 26th of 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.