MTN Allocates 661.3 million to Investors

By Mene Prosper

MTN Nigeria,a leading telecommunications company announced the closing of its series 1 offering for the sale of shares to the public. It allocated 661.3 million shares to investors in a transaction in which investors exceeded the subscription offer by 139.5%.

575 million shares were made available by the company and it received a total request for 802 million units and as a result mtn Nigeria allocated 86.25 million units more than its initial put on sale.the investors includes Nigerian retail and institutional investors in which participating Nigerian pension funds represents approximately 6.5 million Nigerian contributors.

The announcement was made in a statement on the Nigerian exchange group’s website on Tuesday and signed by the company’s secretary uto ukpanah

MTN announced the public offering on November 26, 2021 and it attracted applications from 126,720 retail investors who got the full attention according to MTNN.

MTN group president and CEO speaking on the development said “with over 6.6 million Nigerians directly or indirectly becoming shareholders in MTN Nigeria, the objective of broadening the shareholders base and creating shared value has been achieved”.

Following the result of the series 1 offer, MTN group’s holdings in mtn Nigeria depreciated by 3.25% points from 78.83% to 75.58%.