MTN Group has announced that Nigeria’s Securities and Exchange Commission (SEC) has approved an offer for the sale of up to 575 million ordinary shares in MTN Nigeria, by way of a bookbuild to qualified investors (‘institutional offer’) and a fixed price to retail investors (‘retail offer’). The institutional offer opens on 23 November and closes on 26 November, after which a fixed price will be determined for the retail offer. An announcement on the retail offer will be published once clearance is obtained from the SEC.
‘MTN Group is pleased with the launch of this public offer. This is the first step in a series of offers over the near to medium-term for MTN Group to sell-down a total of up to 14% shareholding in MTN Nigeria. This should result in greater ownership by Nigerian institutional and retail shareholders, and increased liquidity of the share on the Nigerian Stock Exchange,’ said Group President and CEO Ralph Mupita.