MTN Group has announced plans to sell 575 million shares in MTN Nigeria.
This is contained in a notice signed by the Company Secretary, Mrs. Uto Ukpanah on Thursday in Lagos.
The statement said the public offer would be by way of book build 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 book build to institutional investors and fixed price to retail investors.
“The offer is anticipated to open in November 2021 with a book build to institutional investors; after which a fixed price is expected to be announced for retail investors also in November 2021,” it said.
Also, MTN Group added that the offer would close in December 2021.
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“This is the first step in MTN Group previously communicated statement of intent to sell down approximately 14 per cent 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.
Meanwhile, MTN Nigeria Communications says it will invest more than N600bn in network infrastructure over the next three years to improve telecommunications services across the country.
This was disclosed by the Chairman of MTN Nigeria Communications, Dr Ernest Ndukwe.
Ndukwe made this known during the company’s 20th anniversary celebration held on Sunday in Lagos. MTN launched its services on August 8, 2001; connecting about 69 million people in communities across the country to date.
Ndukwe disclosed that the company is keen to reach the underserved areas across Nigeria.
