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 [Operators](https://developingtelecoms.com/telecom-business/operator-news.html)## MTN Nigeria cleared for public offer

 

 

   Details    James Barton    Category: [Operators](https://developingtelecoms.com/telecom-business/operator-news.html)     24 November 2021     8383 views   

 

  ![MTN Nigeria cleared for public offer](https://developingtelecoms.com/images/stories/Places/800x600/Lagos_market_600.jpg)  

 

Nigeria’s Securities and Exchange Commission (SEC) has cleared MTN Group to sell shares in its local unit via a series of offers.

CommsUpdate reports that MTN will offer up to 575 million ordinary shares in the unit via an institutional offer to qualified investors and a fixed price offer to retail investors. The shares represent around 3% of the company.

The institutional offer opened yesterday (23rd November); after it closes on 26th November, MTN will set a fixed price for a retail offer, with more details on the latter to follow once the SEC has provided clearance.

MTN Group President and CEO Ralph Mupita said: “This is the first step in a series of offers over the near to medium-term for MTN Group to sell-down a total of up to 14% shareholding in MTN Nigeria. This should result in greater ownership by Nigerian institutional and retail shareholders, and increased liquidity of the share on the Nigerian Stock Exchange.”

MTN Group holds a 78.8% stake in MTN Nigeria.

 

 

   
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