As part of the move to increase Nigerian market penetration which currently stands at 50% market share and 89% population coverage, respectively, the nation’s leading telecommunication company, MTN Nigeria has begun its public offer of 575 million shares at N169 per share.
The public offer, according to the MTN NIgeria leadership, is not only to raise capital at the stock exchange, but to also allow more Nigerians to be part and owners of the company, thereby, making more Nigerians to be MTN shareholders.
The offer, which is said to be in line with MTN Group’s commitment to reduce its shareholding in MTN Nigeria from 78.8% to 65% over time, is designed to provide as many Nigerian retail investors as possible with an opportunity to own shares in MTN Nigeria.
BusinessDay reports that the public offer to retail investors for the sale of up to 575 million shares held in MTN Nigeria by MTN Group will be priced at 169 per share and it opens on Wednesday, 1st December and closes on Tuesday, 14th December 2021.
Speaking at the MTN Nigeria Roadshow in Abeokuta, Ogun state capital on Tuesday, Shoyinka Shodunke, Chief Information Officer, MTN Nigeria, noted that the public offer of 575 million shares at N169 per share was designed to further domesticate the ownership and operations of MTN Nigeria.
Shodunke, who spoke in company of Ademola Olaniyan, the Senior Finance Manager, Callima Inino, Senior Manager, Sales and Distribution, MTN Nigeria and Islamiyat Dosunmu, representative of Vetiva Capital Management Limited, said that MTN vendors had earned N3.9 trillion from sales and the MTN Group had paid over N3 trillion in taxes since its inception in the country in 2001.
The MTN Nigeria Chief Information Officer, who said that the Group planned to double its market penetration, mobile subscribers, revenue and corporate social responsibility by 2025, assured subscribers of one free share incentive for every 20 shares bought after one-year allotment, subject to a maximum of 250 free shares per investor.
