MTN Nigeria share offer oversubscribed


MTN Group CEO and Group President Ralph Mupita

from OKORO CHINEDU in Lagos, Nigeria
LAGOS, (CAJ News) MTN has announced an oversubscription to shares offered to Nigerian investors, with gross proceeds amounting to R4,3 billion (US$282,2 million).

The offer was 1,2 times oversubscribed with a total of 802 million shares subscribed for by more than 126 000 investors.

These included retail and institutional investors, where participating Nigerian pension funds represent approximately 6,5 million Nigerian contributors.

A total of 661,25 million MTN Nigeria shares were allocated, comprising the 575 million offer shares and the 15 percent greenshoe of an additional 86,25 million MTN Nigeria shares.

The offer further marks the first time that a digital application platform, Primary Offer, was used for a Nigerian public offer.

Gross proceeds from the offer amount to approximately R4,3 billion.

Following the offer, MTN Group’s shareholding in MTN Nigeria reduces from 78,8 percent to 75,6 percent.

A further maximum of 4,27 million MTN Nigeria shares (0,02 percent) will be allocated to qualifying retail investors who hold the shares allocated to them until 31 January 2023, twelve months following the offer allocation.

“We are pleased that this Offer has given so many Nigerians the opportunity to become owners of MTN Nigeria,” Ralph Mupita, MTN Group President

“With over 6,6 million Nigerians directly or indirectly becoming shareholders in MTN Nigeria, the objective of broadening the shareholder base, and creating shared value has been achieved.”

South African-headquartered MTN has over 34,3 million subscribers in Nigeria making it is largest market.

– CAJ News


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