Offer closes December 14.
Its chief executive, Karl Toriola, told reporters in Abuja that the ‘Retail Offer’ to be delivered via a digital platform is the first in Nigeria.
Mr. Toriola said that by using the power of technology, MTN aims to facilitate the maximum possible participation of Nigerian investors.
He said the minimum subscription would be 20 shares and subsequent subscriptions would be in multiples of 20 shares.
He added that it would include an incentive in the form of one free share for every 20 shares purchased.
“The offer includes an incentive in the form of one free share for every 20 shares purchased, subject to a maximum of 250 free shares per investor.
“The incentive is open to retail investors who buy and hold the shares assigned to them for at least 12 months after the award date.
“The success and growth of MTN Nigeria is intrinsically linked to that of Nigeria and Nigerians,” he said.
Toriola said, however, that MTN had much more to do to support the evolution of an inclusive digital economy.
He noted that the company will continue to invest as it evolves towards a truly digital operator capable of seamlessly integrating value into the evolving telecom, digital and Fintech segments.
In his remarks, MTN Group President and CEO Ralph Mupita said the offering aligns with MTN Group’s strategic priority of creating shared value.
“Over the past 20 years, we have worked diligently to connect 68 million subscribers to voice and data networks and ensure we deliver the benefits of a modern connected life.
“With this Offer, we will contribute to a further deepening of the Nigerian stock market.
“It is the first in a series of transactions where MTN Group implements its plans to secure broad-based ownership by reducing its stake in MTN Nigeria to 65 percent over time,” he said.
Nigerian Stock Exchange Ltd. CEO Temi Popoola expressed optimism on MTN’s offer, noting there was no doubt about the success of the transaction.
Mr. Popoola said that the exchange had invested a substantial amount of human resources to bring this transaction to the current level.
He pointed out three key areas where the transaction would be beneficial to the capital market, which were: investor confidence, the number of investors trading in the capital market, and end-to-end digital transactions.
“One of the things that excites us about this is investor confidence. This will change the face of investment in the nation’s capital market.
“For a long time we have talked about the absence of retail in our capital markets, particularly in the stock market.
“We have talked about the absence of certain demographic and geographical representation of Nigerians.
“This deal will address trust, financial literacy and a lot of publicity that will come with it will boost this trust.
“Part of our dream and hope is that this transaction changes on its own at multiples of what we have, which is extraordinary,” he said.
Popoola urged the media to inform the public through reporting on the importance and benefits of buying the shares.
He congratulated the Nigerian Communications Commission and other stakeholders for making the offer come true.
He said more details and the full directory of authorized receiving agents can be found at www.mtnonline.com/PO.
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