MTN Engages Interested Retail Investors At Stakeholders Forum In Bayelsa
MTN Nigeria Communications Plc (MTNN) has offered to sell 575 million units of its shares to retail investors, saying shares will be available to the public at N169 per unit from 1st December to 14th December 2021.
MTN Nigeria made this disclosure during a stakeholder engagement event, aimed at enlightening and engaging interested retail investors in Yenagoa, Bayelsa State, on the 8th December 2021.
Giving further details of the benefits of the public offer, the General Manager, Business Development MTN Nigeria, Mr. Valentine Izuchukwu, said that sales of the share does not in any way mean that MTN intends to leave Nigeria or is financially bankrupt. He explained that the MTN Group, which holds 79 percent of the shares of the company, is making this public offer because it has decided to sell parts of its shares to Nigerians, so that they can also be part of the ownership of the company.
He iterated MTN’s Nigerianisation agenda and commitment to doing business in Nigeria, saying, “We have done some things to guarantee the future of MTN in Nigeria. We have built the longest kilometers of fiber which guarantees the provision of quality internet service. The company has also decided to build its corporate headquarters in Lagos. This means, we have decided to stop renting an office space and build our roots in Nigeria. We have also made a commitment to contribute to road infrastructure in Nigeria. We are partnering with the government to construct road infrastructure and the first road the government has assigned for MTN to construct is the Enugu-Onitsha road. This goes a long way to prove that we committed to remain in Nigeria and contribute to the success stories of every Nigerian.”
Giving a breakdown of the shares offer, the Senior Manager, Treasury Operations and Support, MTN Nigeria, Tolani Akanbi, said, “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. 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.”
She explained that the retail offer will be delivered via a digital platform, using the power of technology to facilitate the maximum possible participation by Nigerian investors.
