MTN Nigeria said its parent company, MTN Group Limited, has given it go-ahead to proceed with a public offer for sale of up to 575 million shares in MTN Nigeria by way of a bookbuild to institutional investors and fixed price to retail investors.
The offer is anticipated to open in November 2021 with a bookbuild to institutional investors, after which a fixed price is expected to be announced for retail investors also in November 2021.
A statement by company secretary, MTN, Uto Ukpanah, said 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.
Ukpanah said further information about the Offer and ways to subscribe will be provided.