MTN Nigeria has announced the launch of a nationwide road show to engage interested retail investors in the on-going offer by MTN Group for shares in the local unit. The first event of the road show was held in Abuja on Wednesday.
Mcebisi Jonas, MTN Group Chairman, and Ralph Mupita MTN Group President and CEO, attended the road show, which held on the sidelines of the state visit to the Federal Republic of Nigeria by South African President Cyril Ramaphosa. Both countries are also participating in the 10th Bi-National Commission.
Jonas said the offer to retail investors to buy shares in MTN Nigeria was a milestone. “We are delighted to be here to mark this momentous event and would like to express our thanks to the regulator and MTN Nigeria’s broader stakeholder base for their support over the years. MTN is a pan-African company which works to deepen inclusion and create shared value.” He said.
According to Karl Toriola, CEO of MTN Nigeria, the offer had been structured to be available to as many Nigerian investors as possible. “Today’s road show 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.” Toriola said.
Read also: MTN pegs retail listing price at N169
The offer opened at 8 am today and will close at 5:00pm on 14 December 2021. The minimum subscription is for 20 shares and lots of 20 shares thereafter. The offer includes an incentive in the form of 1 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 after the allotment date.
Investors are able to submit applications through the issuing houses, receiving agents which includes authorised stockbrokers and Nigerian banks, and online via a unique digital application platform, Primary Offer, administered by the Nigerian Exchange Limited.
Mupita said the MTN Group had made a clear strategic decision to build shared value across operations, “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 78% to 65% 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.”
Ernest Ndukwe, MTN Nigeria Chairman, said the company’s success over the past 20 years would not have been possible without a supportive operating environment. “This MTN story is also a demonstration of the opportunity that Nigeria represents for investors,” he said.
