• Thursday, July 25, 2024
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Public Offer: MTN is no longer foreign, it is Nigerian – shareholders association

Public Offer: MTN is no longer foreign, it is Nigerian – shareholders association

The decision by Africa’s foremost telecom company, MTN to offer about 90 percent of its 575 million shares in MTN Nigeria to retail investors has made the telecom giant a Nigerian company, according to the National Coordinator of Progressive Shareholders Association, Okezie Boniface.

Commending MTN Group for its decision to sell up to 575 million shares in MTN Nigeria to the country’s investors, Boniface made the commendation at an Investors Forum held at the Lagos Marriot on December 6, 2021.

Speaking at the investors’ forum, Boniface described the move as a testament to the ‘Nigerianness’ of the company and said it would allow more Nigerians to be part of the success story.

“I would like to commend the MTN Group for reducing their shareholding to enable more Nigerians the opportunity to own shares in MTN Nigeria. Their decision clearly shows that today, MTN is no longer a foreign company, it is now Nigerian. MTN Group is giving Nigerians the opportunity to increase their holding in dividends. This is commendable,” he said.

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According to Boniface, MTN is the best company to invest in for Nigerians. “So, I am urging every retail investor and other Nigerians to take advantage of this public offer.”

MTN Nigeria’s public offer, which is the first to be delivered digitally in Nigeria, is being sold to retail investors at N169 per share. The offer is the first from MTN since the 2019 listing on the Nigeria Exchange Limited (NGX) and the company seeks to take advantage of digital integration to ensure substantial participation from investors across Nigeria.

Following the launch of its public offer, MTN Nigeria began a nationwide roadshow to engage interested retail investors in the ongoing offer by MTN Group for shares in the company.
The roadshow, led by key MTN Executives including the Chief Executive Offer, Karl Olutokun Toriola and Chief Financial Officer, Modupe Kadri, has made stops in several Nigerian states including Sokoto, Kano, Gombe, Akure, Enugu, Calabar and Port Harcourt.

The Offer which opened at 8:00 am on December 1, 2021, is expected to close at 5:00 pm on December 14, 2021, with a minimum subscription of 20 shares and lots of 20 shares thereafter. Subscribers are also offered one free share for every 20 shares they buy. However, the free share has a maximum cap of 250 free shares when 5,000 shares are bought with the condition that the buyer holds the shares for 12 months after they are bought.