MTN Nigeria Communications Plc announced on Thursday that it will launch a public offering of its shares as well as a bid from institutional investors in a transaction worth 575 million units.
The corporate action marks the first time the Johannesburg-based MTN Group’s local affiliate would accept public subscriptions around two and a half years after it debuted on the Nigerian Exchange Limited (NGX).
As announced the offer period ends in December.
“This is the first step in MTN Group’s previously communicated statement of intent to sell down approximately 14 per cent of its shareholding in MTN Nigeria,” the wireless carrier told the NGX in a note.
MTN Nigeria shares, which are traded in Lagos, have returned 19.46% in the last year as of 09:54 WAT on Thursday.
More on that later…
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