MTN Nigeria has revealed plans to open an application list for its public offering of 575 million ordinary shares to the general retail investing public at a price of N169 per share on December 1, 2021, and would close on December 14, 2021. This offer – MTN Share offer – is an offer for sale by MTN Group, which is divesting part of its shares in MTN Nigeria to allow Nigerian institutional and retail investors to buy equities in the telecommunications giant.
MTNN disclosed in a statement on the NGX website, signed by Company Secretary Uto Ukpana, “The minimum subscription is for 20 shares and lots of 20 shares thereafter. The offer includes an incentive in the form of 1 free share for every 20 shares purchased, subject to a maximum of 250 free shares per investor,” he said.
“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.”
This retail offer will be delivered via a digital platform, the first in Nigeria. By using the power of technology, the telco intends to facilitate the maximum possible participation by Nigerian investors, MTNN said.
Commenting on the price announcement, MTN Nigeria’s Chief Executive Officer, Karl Toriola, said: “The success and growth of MTN Nigeria are intrinsically linked to that of Nigeria and Nigerians. Therefore, we are very excited to offer Nigerians the opportunity to own shares in MTN Nigeria.”
Our journey to becoming the largest network in Nigeria has been humbling, but we still have a long way to go. There is much more to do to support the evolution of an inclusive digital economy, and we continue to invest as we evolve into a truly digital operator, capable of seamlessly integrating value across the evolving telecommunications, digital and fintech segments.”
The MTN Group President and Chief Executive Officer, Rolph Mupita, said the offer aligns with MTN Group’s strategic priority to create shared value.
“In the last 20 years, we have worked diligently to connect 68 million subscribers onto voice and data networks and ensure that we deliver the benefits of modern connected life. With this Offer, we will contribute to the further deepening of Nigeria’s equity capital markets. It is the first in a series of transactions as the MTN Group implements its plans to ensure broad-based ownership by reducing its shareholding in MTN Nigeria to 65% over time.
The book-building for institutional investors was done last week with a price range of N165 and N175. This move is a broader arrangement to enlarge its market capacity to other African countries including Zambia and Uganda.
How to participate in the MTN Share offer
The Offer includes an incentive in the form of 1 free share for every 20 shares purchased, subject to a maximum of 250 free shares per investor. Interested investors should ensure that they complete and submit applications through any of the following channels.
To apply for shares through PrimaryOffer, investors need to:
- Visit the PrimaryOffer website at www.primaryofferng.com
- Download the PrimaryOffer app. Available for free from the App Store for IOS and Google Play Store for Android.
To apply for shares through the Receiving Agents, investors need to:
- Complete an application form.
- Submit the completed application form and evidence of payment to a Receiving Agent.
You can also call the Customer Support Centre – 070046837862452 or 080MTNOFFER (0806 866 3337) for enquiries.
The minimum subscription is for 20 shares and lots of 20 shares thereafter and only persons above 18 years of age is eligible to buy the MTN shares on offer with a limited number of conditions.
- Applicants must apply for a minimum of 20 shares and multiples of 20 shares thereafter.
- Applicants must have a valid BVN to register and submit an application on PrimaryOffer.
- Applicants must have a CHN and CSCS account.
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. You can go to this page for more information on the MTN Share offer.