MTN Woos Investors, Kicks Off Roadshow for Sale of 575 Million Shares

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Emma Okonji

MTN Nigeria yesterday organised a nationwide roadshow to sensitise retail investors on its on-going offer for sale of 575 million shares.

The first roadshow was held at the Transcorp Hilton in Abuja, during the visit of South Africa’s President, Cyril Ramaphosa to Nigeria where both countries hosted a bi-national commission.

The roadshow was launched by MTN Group CEO, Ralph Mupita, on behalf of the telco, whose shares are being made available for sale.

Speaking at the event, Mupita said: “The MTN Group has made a clear strategic decision across our operations to focus on building shared value, and the best way we can do that is by enabling broad ownership in our operating companies.

“This offer is the first phase of that process in Nigeria, as we progressively reduce our shareholding from 79 per cent to 65 per cent over time. I am incredibly proud to be able to be here today, engaging directly with the Nigerian shareholders we hope will join us on the next phase of our journey.”

On his part, CEO, MTN Nigeria, Mr. Karl Toriola said: “Our offer for sale has been specifically structured to be available to as many Nigerian investors as possible, and today’s roadshow in Abuja is the first in a schedule that takes us to every state of the Federation over the next two weeks.

“It is really important for us to provide Nigerians across the country with the opportunity to engage with us as we build a shareholder base that is nationally representative.”

The Offer opened yesterday and would close on December 14, 2021.

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

Investors are able to submit applications through the Issuing Houses, Receiving Agents (authorised Stockbrokers and Nigerian banks) and online via a unique digital application platform, Primary Offer, administered by the Nigerian Exchange Limited.