MTN Nigeria Communications Plc is wooing retail investors with a price discount of N21.00 per share as its public offer opens today at N169.00 per share. The Company’s share at the Nigerian Exchange Limited, NGX closed on Tuesday at N190.00 per share.
MTN, yesterday, announced the commencement of a N97.18 billion public offer to retail investors. The company will be offering a total of 575 million ordinary shares held in MTN Nigeria by MTN Group at N169.00 per share.
The offer, which opens today, December 1, 2021 and closes on December 14, 2021, is the first in Nigeria to be delivered via a digital platform. The offer, according to the company, would enable the parent company to reduce its shareholding in MTN Nigeria by 65 per cent.
The minimum subscription, according to the offer prospectus, is for 20 shares and lots of 20 shares thereafter and includes an incentive in the form of one 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.
By using the power of technology, the company said the offer aimed to facilitate the maximum possible participation by Nigerian investors.
According to MTN Nigeria Chief Executive Officer, Karl Toriola, “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.
“Our journey to becoming the largest network in Nigeria has been humbling, but we still have a long way to go. There is much more to do to support the evolution of an inclusive digital economy, and we continue to invest as we evolve into a truly digital operator, capable of seamlessly integrating value across the evolving telecommunications, digital and fintech segments.”
MTN Group President and Chief Executive Officer, Ralph Mupita, said the offer aligns with MTN Group’s strategic priority to create shared value.