For effective participation, MTN Nigeria Communications Plc has embarked on a nationwide roadshow, which began yesterday in Abuja, to engage interested retail investors in the on-going offer by MTN Group for shares in MTN Nigeria.
MTN Group Chairman, Mcebisi Jonas, and MTN Group President/CEO, Ralph Mupita, attended the roadshow, which held on the sidelines of the state visit of South African President Cyril Ramaphosa to Nigeria.
Both countries also participated in the 10th Bi-National Commission, according to a statement signed by the Company Secretary, Uto Ukpanah.
Jonas said the offer to retail investors to buy shares in MTN Nigeria was a milestone: “We are delighted to be here to mark this momentous event and would like to express our thanks to the regulator and MTN Nigeria’s broader stakeholder base for their support over the years. MTN is a pan-African company which works to deepen inclusion and create shared value.”
It is really important for us to provide Nigerians across the country with the opportunity to engage with us as we build a shareholder base that is nationally representative.
Mupita said the MTN Group had made a clear strategic decision to build shared value across operations: “The best way we can do that is by enabling broad ownership in our operating companies. This offer is the first phase of that process in Nigeria, as we progressively reduce our shareholding from 78% to 65% over time.”
MTN Nigeria Chairman, Ernest Ndukwe, said the company’s success over the past 20 years would not have been possible without a supportive operating environment. “This MTN story is also a demonstration of the opportunity that Nigeria represents for investors,” he said.
MTN Nigeria CEO, Karl Toriola, said the offer had been structured to be available to as many Nigerian investors as possible: “Today’s roadshow in Abuja is the first in a schedule that takes us to every state of the Federation over the next two weeks. It is really important for us to provide Nigerians across the country with the opportunity to engage with us as we build a shareholder base that is nationally representative.”
The offer, which opened yesterday, will close on December 14th. The minimum subscription is for 20 shares and lots of 20 shares thereafter. The offer also includes an incentive in the form of one free share for every 20 shares purchased, subject to a maximum of 250 shares per investor.
The incentive is open to retail investors who buy and hold the shares allotted to them for at least 12 months after the allotment date.
Investors are able to submit applications through the issuing houses, receiving agents or online via a unique digital application platform, Primary Offer, administered by the Nigerian Exchange Limited.