The Securities and Exchange Commission (SEC) has approved an offer for sale of up to 575 million ordinary shares in MTN Nigeria held by MTN International (Mauritius) Limited.
MTN Nigeria’s company secretary, Uto Ukpanah who disclosed this said the approval is by way of a bookbuild to qualified investors (Institutional Offer) and a fixed price to retail investors (Retail Offer).
He said the institutional offer opens at 12.00 noon on 23 November 2021 and closes at 2.00pm on 26 November 2021, after which a fixed price will be determined for the Retail Offer.
The Retail Offer is proposed to open after the Institutional Offer, and an announcement will be published in this regard once clearance is obtained from the SEC.
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.