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MTN Nigeria Plc has stated that it will begin selling 575 million shares to Nigerians, representing 14% of its stake. The shares were floated on the Nigerian Stock Exchange in Lagos in 2019.
The shares are worth roughly N101 billion ($244 million). MTN Group Ltd notified the development on Thursday in a notice to the Nigerian Exchange Ltd.
The corporation has exited and reduced its investments in several African countries, including Uganda and Zambia. The decision comes after MTN Nigeria’s Chief Executive Officer, Karl Toriola, stated during the company’s 20th anniversary celebration that a plan to lower its ownership by 14% was being explored.
The Company said, “MTN Nigeria Communications Plc (MTN Nigeria) is pleased to inform the market that MTN Group Limited has announced its 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 telecom company stated that the offer will be disclosed in November 2021, with a book-build to institutional investors. MTN also revealed that a set price for retail investors will be announced in the same month. “The deal is expected to close in December,” said the network provider.
Story by : Norvisi Mawunyegah