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MTN Nigeria Plc is yet to allocate 575 million shares offered for sale to Nigerian retail investors in December 2021 due to a delay in regulatory approval.
The telecom giant, as part of efforts to deepen retail footprint at the local bourse, offered MTN Nigeria share at N169.
As of the market closing on Thursday, the company share price has risen to N190 while buyers are awaiting allotment to be credited to their Central Securities Clearing System (CSCS) accounts.
In an email sent to customers on Friday, Afrinvest while appreciating customers also informed that MTNN is yet to allocate the shares.
According to the investment banking firm, no investor from any broker has been allocated. “Kindly note that the delay is due to regulatory approval, once the allotment has been finalized”, the firm said.
MTN Nigeria had in a statement debunked a rumour that shares have been allocated to subscribers. The company informed the public and the Nigerian Exchange that the Securities and Exchange Commission’s review is ongoing.
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