MTN Group To Sell 575 Million Ordinary Shares In Nigerian Business

MTN Group Company Secretary Uto Ukpanah announced plans to sell 575 million shares in MTN Nigeria on Thursday in Lagos.

Ukpanah stated that the public offer would be by way of bookbuild to institutional investors and fixed prices to retail investors.

“Today we announce our 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.

“The offer 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,” it said.

It added that the offer would close in December 2021.

“This is the first step in MTN Group's previously communicated statement of intent to sell down approximately 14 percent of its current shareholding in MTN Nigeria,” it said.

The notice also said that further information about the offer and ways to subscribe would be provided in due course.