MTN Nigeria Communications Plc is set to raise at least N97.18bn from its public offer to retail investors.
This came as the company it had no plan to exit the Nigerian market though the planned share sale.
In a statement on Tuesday, the company disclosed that it is set to offer 575 million shares held in MTN Nigeria by MTN Group at N169.00 per share (the offer) to retail investors.
The company said, “The Offer will open at 8:00am on December 1, 2021 and close at 5:00 pm on December 14, 2021. The minimum subscription is for 20 shares and lots of 20 shares thereafter.
“The offer includes 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 12 months, post the allotment date.”
According to the company, the retail offer will be delivered through a digital platform (Primary Offer).
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. Our journey to becoming the largest network in Nigeria has been humbling, but we still have a long way to go.
According to MTN Group President and Chief Executive Officer, Ralph Mupita, the offer aligns with the group’s priority to create shared value.
He added that the offer was the first in a series of transactions as the group plans to reduce its shareholding in MTN Nigeria to 65 per cent over time.
Meanwhile, Toriola has said the telecommunication company has no intention of raising capital or exiting the Nigerian market with its public offer of shares to both institutional and retail investors.