MTN Group Limited has announced its intention to proceed with a public offer for sale of up to 575 million shares in MTN Nigeria by way of a bookbuild to institutional investors and fixed price to retail investors.
MTN Nigeria Communications PLC has disclosed this plan today in a statement signed by Uto Ukpanah, the company secretary.
The Offer, MTN said, is anticipated to open in November 2021 with a bookbuild to institutional investors, after which a fixed price is expected to be announced for retail investors also in November 2021.
The Offer is expected to close in December 2021.
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).
“Further information about the Offer and ways to subscribe will be provided”, Ukpanah said.
Recall that Karl Toriola MTN Nigeria’s CEO had hinted on the plans by the Group to sell down up to 14% of its investment in MTN Nigeria.
Speaking in MTN Nigeria’s H1 results, Toriola said, this will facilitate a process to increase ownership of the Company by more Nigerian retail and institutional investors.