Business

MTN Nigeria to launch first public shares sale, offers 575 million units

Shares of MTN Group's Ghanaian unit have almost doubled this year, helping the nation’s main stock index become Africa’s best-performing equity benchmark.

MTN Nigeria Communications Plc will open a public offering for its shares and a bid from institutional investors in a transaction totalling 575 million units, the telecom heavyweight said Thursday.

The corporate action marks the first time the local unit of Johannesburg-based MTN Group will welcome a subscription from the public roughly two and a half years after it debuted on the Nigerian Exchange Limited (NGX) by way of introduction.
The offer window closes in December.

“This is the first step in MTN Group’s previously communicated statement of intent to sell down approximately 14 per cent of its shareholding in MTN Nigeria,” the wireless carrier told the NGX in a note seen by newsmen.

MTN Nigeria shares, listed in Lagos, have returned 19.46 per cent in the last year as of 09:54 WAT on Thursday.

Get more stories like this on Twitter and Telegram

Recommended Stories