MTN plans to sell 575 million shares to Nigerians

Punch

MTN Nigeria Communications Plc has said it is set to proceed with a public offer for the sale of 575 million shares.

In a statement, the company said Its parent company, MTN Group, is set to proceed with this sale by means of a bookbuild to institutional investors and fixed price to retail investors.

The company said, “The Offer is anticipated to open in November 2021 with a bookbuild to institutional investors, after which a fixed price is expected to be announced for retail investors also in November 2021.

“The offer is expected to close in December 2021. This is the first step in MTN Group’s previously communicated statement of intent to sell down approximately 14 per cent  of its current shareholding in MTN Nigeria.”

MTN also said in another statement tht it successfully completed the issuance of its N89.99bn series II 10-year 12.75 per cent fixed rate bonds due 2031 under the N200bn bond issuance programme.

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