MTN Group Limited has announced its intention to offer for sale up to 575 million shares in MTN Nigeria by way of a book-build to institutional investors and fixed price to retail investors.
MTN Nigeria Communications PLC in a letter signed by the Company Secretary, Uto Ukpanah, to the Nigeria Exchange Limited (NGX), yesterday, to inform the market about the sale of the shares to the public, said the Offer is expected to open this November with a book-build to institutional investors.
This is the first step in MTN Group’s previously communicated statement of intent to sell down approximately 14% of its current shareholding in MTN Nigeria.
The letter explained that afterward, a fixed price is expected to be announced for retail investors also in this month, while the Offer is expected to close in December.
This is the first step in MTN Group’s previously communicated statement of intent to sell down approximately 14% of its current shareholding in MTN Nigeria.
