The Securities and Exchange Commission (SEC), has approved the share sale by Nigeria’s telecommunications giant, MTN Nigeria Communications Plc. (MTN Nigeria).
The divestment starts on Tuesday with the sale of 575 million shares.
The sales, which represent about 14 per percent of the shares being divested by MTN International (Mauritius) Limited in the Nigerian entity, will run for four days; November 23 to 26.
The telco said the public offer would be by way of book build to institutional investors and fixed prices to retail investors according to a notice posted on the website of the Nigerian Exchange and signed by the Company Secretary, Uto Ukpanah, on Tuesday.
Ukpanah said: “MTN Nigeria Communications Plc (MTN Nigeria) is pleased to announce that the Securities and Exchange Commission (SEC) has approved an offer for sale of up to 575 million ordinary shares in MTN Nigeria held by MTN International (Mauritius) Limited, by way of a bookbuild to qualified investors (Institutional Offer) and a fixed price to retail investors (Retail Offer).
“The Institutional Offer open at 12noon on 23 November 2021 and closes at 2p.m. on 26 November 2021, after which a fixed price will be determined for the Retail Offer. The Retail Offer is proposed to open after the Institutional Offer, and an announcement will be published in this regard once clearance is obtained from the SEC.”
MTN shares were trading at N190 per share on the Nigeria Stock Exchange as at Tuesday afternoon.
MTN Group shares traded at $9.96 (N4,092) on the Johannesburg Stock Exchange.