MTN gets SEC’s approval for sale of 575m Ordinary Shares

MTN Nigeria Communications Plc says Securities and Exchange Commission (SEC) has approved an offer for sale of up to 575 million ordinary shares in MTN Nigeria held by MTN International (Mauritius) Limited, by way of a bookbuild to qualified investors, also known as Institutional Offer and a fixed price to retail investors.

MTN disclosed this in a statement it issued Tuesday, which was signed by the Company’s Secretary, Uto Ukpanah.

According to the statement, the  Offer opens  at 12.00 noon on 23 November 2021 and would close at 2.00pm on 26 November 2021, after which a fixed price will be determined for the Retail Offer. The Retail Offer is proposed to open after the Institutional Offer, and MTN promised to make further announcement and publish same after obtaining clearance from the SEC.

This is coming few weeks after MTN had disclosed the successful completion of the issuance of its N89. 9 billion Series II 10-Year 12.75 per cent Fixed Rate Bonds due 2031, known as “Series II Bond”, under the N200 billion Bond Issuance Programme.

MTN Nigeria is one of Africa’s largest providers of communications services, connecting approximately 68 million people in communities across the country with each other and the world. Guided by a belief that everybody deserves the benefits of a modern connected life, MTN Nigeria’s leadership position in coverage, capacity and innovation has remained constant since its launch in 2001.