MTN completes IPO of Ghanaian unit

3 Sep 2018

MTN Group has completed its initial public offering (IPO) in Ghana, with the company selling around a third of its shares on offer, raising GHS1.1 billion (USD237 million) in the process. The IPO was launched on 29 May this year and concluded at the end of July when a 35% stake was offered, with MTN selling 1.5 billion securities of the initial agreed 4.6 billion shares at 75 pesewas each. The requirement to sell 35% of its shares comes as part of MTN’s obligations included in its 4G LTE licence agreement obtained in 2015. The number of securities sold account for 12.5% of MTN’s Ghanaian unit, lowering the South African firm’s overall stake to 85.4%, with the rest held by minority stakeholders. The shares will be listed on the Ghana Stock Exchange from 5 September.

Ghana, MTN Ghana, MTN Group