MTN Nigeria kicks off nationwide roadshow for sale of 575m shares

MTN Nigeria says it has commenced a nationwide roadshow to engage interested retail investors in the ongoing offer for the sale of 575 million shares.

In a statement, Uto Ukpanah, the company’s secretary, said the first roadshow took place at the Transcorp Hilton in Abuja on Wednesday.

He said the roadshow was flagged off by Ralph Mupita, chief executive officer (CEO) of MTN Group, on behalf of the MTN Group, whose shares are being made available for sale.

MTN Nigeria said the offer of 575 million shares, priced at N169 per share, opened at 8:00 am on Wednesday, December 1, 2021, and will close at 5:00 pm on December 14, 2021.

The company added that the minimum subscription is for 20 shares and in multiples of 20 shares after.

“The offer includes an incentive in the form of ONE 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, post the allotment date,” the statement reads.

“Investors are able to submit applications through the Issuing Houses, Receiving Agents (authorised Stockbrokers and Nigerian banks) and online via a unique digital application platform, PrimaryOffer, administered by the Nigerian Exchange Limited.”

Speaking at the launch event, Mupita said: “The MTN Group has made a clear strategic decision across our operations to focus on building shared value, and 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 79% 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.”

In his remarks, Karl Toriola, MTN Nigeria CEO, said: “Our offer for sale has been specifically structured to be available to as many Nigerian investors as possible, and today’s roadshow 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.”