MTNN To Allot Incentive Shares To Qualified Shareholders

MTN Nigeria Communications (MTNN) Plc has announced the imminent execution of its planned allotment of incentive shares to qualified shareholders who participated in its first public offer.

This was contained in a corporate disclosure signed by company secretary of MTNN, Uto Ukpanah, on the Nigerian Exchange (NGX) Limited.

According to MTNN, “we wish to inform the market of the imminent execution of the allotment of Incentive Shares to qualified Shareholders. The Offer for sale of 575 million ordinary shares of MTN Nigeria held by MTN International (Mauritius) Limited (the Offer) was successfully completed on January 31, 2022, the date on which the Securities and Exchange Commission’s (SEC’s) clearance of the Offer allotment was obtained.”

The terms of the Offer, it said, included an incentive of one ordinary Share for every twenty ordinary shares purchased and allotted (the Incentive Shares) up to a maximum of 250 ordinary shares, adding that, incentive shares will be allotted to qualified shareholders who participated in the offer and held all or some of their offer shares continually from January 31, 2022 to January 31, 2023 (the qualification date).

The telecom company added that the shareholders must have their names appear in the company’s register of members on the qualification date, saying “qualified shareholders will have their incentive shares credited to their CSCS accounts after the qualification date and obtaining the requisite regulatory approvals.”

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The offer saw 114,938 new CSCS accounts opened for representing new market participants, with roughly 76 per cent of successful applicants via digital platforms being women and 85 per cent below the age of 40.

MTNN market capitalisation amounted to N4.376 trillion on the Nigerian Exchange as at December 31, 2022 to be the third most capitalised stock on the Exchange.