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SEC approves MTN’s proposed sale of shares

By Adeyemi Adepetun
24 November 2021   |   3:20 am
Telecommunications firm, MTN Nigeria has informed that the Securities and Exchange Commission (SEC) has approved an offer for sale of up to 575 million ordinary shares in MTN Nigeria held by MTN International ...

Telecommunications firm, MTN Nigeria has informed that the Securities and Exchange Commission (SEC) has approved an offer for sale of up to 575 million ordinary shares in MTN Nigeria held by MTN International (Mauritius) Limited, by way of a bookbuild to qualified investors (Institutional Offer) and a fixed price to retail investors (Retail Offer).

MTN in a statement yesterday, signed by the Company Secretary, Uto Ukpanah, disclosed that the institutional offer opens at 12.00 noon on 23 November 23, 2021 and closes at 2.00pm, November 26, 2021, after which a fixed price will be determined for the Retail Offer.

The firm explained that the retail offer is proposed to open after the institutional offer, and an announcement will be published in this regard once clearance is obtained from the SEC.

MTN currently controls 39 per cent of Nigeria’s telecoms market and services 74 million subscribers.

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