Tuesday, November 23, 2021

SEC approves MTN Nigeria’s offer for sale of 575m shares

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Ibrahim Ramalan
Ibrahim Ramalan is a graduate of Mass Communications from the Ahmadu Bello University (ABU) Zaria. With nearly a decade-long, active journalism practice, Mr Ramalan has been able to rise from a cub reporter to the exalted position of an editor; first as Arts Editor with the Blueprint Newspapers before resigning in 2019; second and presently as an Associate Editor of the Daily Nigerian online newspaper. He can be reached via [email protected], or www.facebook.com/ibrahim.ramalana, or @McRamalan on Twitter.
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MTN Nigeria Communications Plc., MTNN, has obtained the approval of the Securities and Exchange Commission, SEC, for the offer for sale of up to 575 million ordinary shares in MTNN held by the MTN Group

This is contained in a notice signed by the MTNN Company Secretary, Uto Ukpanah, posted on the website of the Nigerian Exchange, NGX, Ltd. on Tuesday in Lagos.

As previously communicated, the offer will be by way of bookbuild to institutional investors (institutional offer), and subsequently, a fixed price to retail investors (retail offer).

“The institutional offer opens today at 12.00 noon, Nov. 23, and closes at 2:00 p.m., on Nov. 26, after which a fixed price will be determined for the retail offer.

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“The retail offer is proposed to open after the institutional offer and an announcement will be published in the regard once clearance is obtained from SEC,” it said.

NAN

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