26.2 C
Lagos
Saturday, December 10, 2022

MTN Nigeria Plans over 2million Shareholders as Retail Offer Prices at N169/Share

Must read

- Advertisement -
- Advertisement -

MTN Nigeria plans to have over 2 million shareholders with its ongoing retail offer which has been approved by the Securities and Exchange Commission (SEC).

This was disclosed by Karl Toriola, CEO of MTN Nigeria at the ongoing Nigeria Exchange Group (NGX), capital markets conference.

The public offer to retail investors for sale of up to 575 million shares held in MTN Nigeria by MTN Group will be priced at N169 per share (the offer). That will be a 3.3 percent discount to the closing price of N174.9/ share yesterday.

The Offer will open at 8:00 am on 1 December 2021 and close at 5:00 pm on 14 December 2021.

The minimum subscription is for 20 shares and lots of 20 shares thereafter. The Offer includes an incentive in the form of 1 free share for every 20 shares purchased, subject to a maximum of 250 free shares per investor.

The incentive is open to retail investors who buy and hold the shares allotted to them for at least 12 months, post the allotment date.

Commenting on the price announcement, MTN Nigeria Chief Executive Officer, Karl Toriola, said: “The success and growth of MTN Nigeria is intrinsically linked to that of Nigeria and Nigerians. Therefore, we are very excited to offer Nigerians the opportunity to own shares in MTN Nigeria.”

Toriola informed in a presentation that MTN Nigeria has paid over N2.9 trillion in taxes, N3.2 trillion in capital investments and N2.3 trillion earned by shareholders as dividends, since inception.

MTN Nigeria has also invested over N22.7 billion through its MTN foundation. The MTN Nigerian IPO will be the First ever digital offer.

Investors will be able to submit applications through the Issuing Houses, Receiving Agents (authorized Stockbrokers and Nigerian banks) and online via a unique digital application platform, PrimaryOffer, administered by the Nigerian Exchange Limited.

- Advertisement -
- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

Latest article