MTN begins sale of 575m shares Wednesday

MTN Nigeria Communications Plc will begin the sale of up to a 575million shares at N169 per share today, Wednesday, December 1.

A statement by MTN on Tuesday said the offer will open at 8:00 am and close by 5:00 pm on December 14.

“The minimum subscription is for 20 shares and lots of 20 shares thereafter”, the statement said.

The telecom operator said the offer included an incentive in the form of one 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 13 months, post the allotment date”, MTN added.

Commenting on the price announcement, MTN Nigeria Chief Executive Officer, Karl Toriola said: “ The success and growth of MTN Nigeria is intrinsically linked to that of Nigeria and Nigerians. Therefore, we are very excited to offer Nigerians the opportunity to own shares in MTN Nigeria.”

MTN Group President and Chief Executive Officer, Ralph Mupita, said the offer aligns with MTN Group’s strategic priority to create shared value.

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