MTN Nigeria has launched its nationwide roadshow to engage interested retail investors in the ongoing offer for the sale of its shares.
The first roadshow was held on Wednesday at the Transcorp Hilton in Abuja on the sidelines of the state visit of South African President Cyril Ramaphosa to Nigeria where the two countries hosted a bi-national commission.
MTN Group CEO Ralph Mupita flagged off the roadshow on behalf of MTN Nigeria whose shares are being made available for sale.
Speaking at the launch event, Mr Mupita said: “The MTN Group has made a clear strategic decision across our operations to focus on building shared value, and 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 79% to 65% over time. I am incredibly proud to be able to be here today, engaging directly with the Nigerian shareholders we hope will join us on the next phase of our journey.”
In his remarks, MTN Nigeria CEO, Karl Toriola said: “Our offer for sale has been specifically structured to be available to as many Nigerian investors as possible, and 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 opened at 8:00 am on December 1, 2021, and will 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 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.
Investors can submit applications through the issuing houses, receiving agents (authorised stockbrokers and Nigerian banks) and online via a unique digital application platform, PrimaryOffer, administered by the Nigerian Exchange Limited.
