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It is the first time the local unit of Johannesburg-based MTN Group will welcome subscription from the public roughly two and a half years after it debuted on the NGX.
MTN Nigeria Communications Plc will open a public offering for its shares and a bid from institutional investors in a transaction totalling 575 million units, the telecom heavyweight said Thursday.
The corporate action marks the first time the local unit of Johannesburg-based MTN Group will welcome subscription from the public roughly two and a half years after it debuted on the Nigerian Exchange Limited (NGX) by way of introduction.
MTN Nigeria shares, listed in Lagos, have returned 19.46 per cent in the last one year as of 09:54 WAT on Thursday.
This was made known in a notice signed by the company’s secretary, Uto Ukpanah and filed with The Exchange.
The notice further stated that the offer would be by way of a bookbuild to institutional investors and a fixed price to retail investors.
According to the statement, the offer is expected to open in November 2021 with a bookbuild to institutional investors and after which a fixed price will be announced for retail investors before it closes in December 2021.
It is worth noting that this is the first step towards the Group’s previously communicated statement notifying The Exchange and investing public of its intention to sell down 14% of its current shareholding in MTN Nigeria.
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