MTN Group announced today that it has raised gross proceeds of more than R4.3 billion through the sale of shares in its Nigerian operation.
Following the sale, MTN Group’s shareholding in MTN Nigeria reduces from 78.8% to 75.6%.
A further maximum of 4.27 million MTN Nigeria shares (0.02%) will be allocated to qualifying retail investors who hold the shares allocated to them until 31 January 2023, being twelve months following the Offer allocation.
MTN Group will continue its work to deliver on its stated intention of broadening the local shareholder base in MTN Nigeria, subject to market condition and regulatory approvals, with a goal to hold approximately 65% of the business in the medium-term.
“We are pleased that this Offer has given so many Nigerians the opportunity to become owners of MTN Nigeria. With over 6.6 million Nigerians directly or indirectly becoming shareholders in MTN Nigeria, the objective of broadening the shareholder base, and creating shared value has been achieved,” Ralph Mupita MTN Group CEO said.
“We are proud that our Offer was the first Nigerian public offer to use the digital application platform, PrimaryOffer, which enabled wider investor participation across Nigeria. We thank the Nigerian authorities for their support of this Offer. We remain committed to playing our humble role in driving digital and financial inclusion in Nigeria over the medium-term”.
The Offer was 1.2 times oversubscribed with a total of 802.0 million shares subscribed for by more than 126 000 investors. These included Nigerian retail and institutional investors, where participating Nigerian pension funds represent approximately 6.5 million Nigerian contributors.