N97 Billion Public Offer: We Are Not Leaving Nigeria, Says MTN

By Uche Mbah

MTN Nigeria Communications Plc has calmed frayed nerves by assuring customers that it has no intentions of exiting the Telecom Market of Nigeria through their public share offer.

MTN is raising about N97.18bn from its public offer to retail investors, an offer expected to be concluded this December.

Fears were that with the volume of public offer, MTN is set to leave Nigeria just as Etisalat did, resulting in change of name to 9mobile.

In a statement Tuesday, the company said  it has pegged the offer of 575 million shares held in MTN Nigeria by MTN Group at N169.00 per share (the offer), and will upload them to retail investors.

“The Offer will open at 8:00am on December 1, 2021 and close at 5:00 pm on December 14, 2021. The minimum subscription is for 20 shares and lots of 20 shares thereafter”, the statement read.

“The offer includes an incentive in the form of one free share for every 20 shares purchased, subject to a maximum of 250 free shares per investor. The incentive is open to retail investors who buy and hold the shares allotted to them for at least 12 months, post the allotment date.”

The Primary Offer will be delivered through a digital platform.

MTN’s Nigeria Chief Executive Officer, Karl Toriola, linked the success and growth of MTN Nigeria to that of Nigeria and Nigerians.

“Therefore, we are very excited to offer Nigerians the opportunity to own shares in MTN Nigeria. Our journey to becoming the largest network in Nigeria has been humbling, but we still have a long way to go.”

Group President and Chief Executive Officer, Ralph Mupita, that other transactions will follow the offer as the group plans to reduce its shareholding in MTN Nigeria to 65 per cent over time.

MTN had last month hinted that it will lift up its shares for sale which it expected to be concluded this month.

“The offer is expected to close in December 2021. This is the first step in MTN Group’s previously communicated statement of intent to sell down approximately 14 per cent  of its current shareholding in MTN Nigeria”, the company said in a release early November.