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  • Business - Market Data
  • Updated: 2 months ago

MTN Launches Equity Bookbuild To Qualified Investors Ahead Of Its Retail Offer

In her quest to consolidate her dominant position in the telecommunication industry, MTN Nigeria Communication Plc, through a circular sent to the Security and Exchange Commission (SEC), has announced the sale of 575 million ordinary shares previously held by MTN International (Mauritius).

The foremost telecommunication company with a presence in over 18 African countries and the Middle East said that the shares will be offered for sale in the form of a bookbuild to qualified investors (the "Institutional Offer") and at a fixed price to retail investors (the "Retail Offer").

A bookbuild refers to the process through which a company generates, captures, and records investor demand when raising capital.

The intention of this is to achieve the best price in the sale of the shares.

The institutional offer opens at 12:00 noon on November 23, 2021, and closes at 2:00 pm on November 26, 2021, after which a fixed price will be determined for the retail offer.

The company secretary, Uto Ukpanah, said, "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."

This announcement is expected to drive the share price of MTN Nigeria Communication Plc in the Nigerian Stock Market and have a positive impact on the All Share Index (ASI).

Investors can expect a continued bullish run in NGX throughout today and hopefully before the end of the week.

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