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MTN sells shares

MTN Group, the parent company of Nigeria’s telecom giant, MTN Nigeria, which controls 40 percent market share, has concluded plans to sell 575 million units of its ordinary shares in MTN Nigeria to investors in the local market, it broke the news this morning, Thursday 04 November 2021.

In a letter to the Nigeria Stock Exchange, MTN Nigeria Communications Plc, said the public offer for sale would be by way of a book build to institutional investors and fixed price to retail investors.

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The offer is anticipated to open in November 2021 with a book build to institutional investors after which a fixed price is expected to be announced for retail investors also in November 2021,” MTN said, adding that it is expected to close in December 2021.

“This is the first step in MTN Group’s previously communicated statement of intent to sell down approximately 14% of its current shareholding in MTN Nigeria,” it said, even as the 575 million units expected to be on Offer this month represent 3.7 percent of the company’s shares outstanding.