Nigeria’s Securities and Exchange Commission (SEC) has cleared MTN Group to sell shares in its local unit via a series of offers.
CommsUpdate reports that MTN will offer up to 575 million ordinary shares in the unit via an institutional offer to qualified investors and a fixed price offer to retail investors. The shares represent around 3% of the company.
The institutional offer opened yesterday (23rd November); after it closes on 26th November, MTN will set a fixed price for a retail offer, with more details on the latter to follow once the SEC has provided clearance.
MTN Group President and CEO Ralph Mupita said: “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.”
MTN Group holds a 78.8% stake in MTN Nigeria.