Telco rakes in N111.75b as 6.6m Nigerians become MTN Shareholders

MTN Nigeria Communication Plc has said it now has 6.6 million Nigerians as direct or indirect shareholders as it made N111.75 billion from its share offer to Nigerians.

The telecommunications company said this in a statement titled ‘Results of the series 1 offer for sale of MTN Nigeria Communications Plc ordinary shares, first public offer via digital platform in Nigeria’.

The Chief Executive Officer, MTN Group, Ralph Mupita, said, “We are pleased that this offer has given so many Nigerians the opportunity to become owners of MTN Nigeria.

“With over 6.6 million Nigerians directly or indirectly becoming shareholders in MTN Nigeria, the objective of broadening the shareholder base and creating shared value has been achieved.”

The company said its offer was 139.47 per cent oversubscribed, leading to an allocation of an additional 86.25 million shares above the 575 million shares it had initially offered to the public.

Read also:

• Steps to take to buy MTN Nigeria Shares
• October 9 outage: MTN Nigeria gifts subscribers airtime, data
• MTN Nigeria Pays N235b Fine To FG

It said it allotted 661.25 million shares at a fixed price of N169 per share.

MTN Nigeria said a total of 126,720 retail investors submitted valid applications and received full allotment.

It added that about 76 per cent of successful applicants via the digital platform were women, and 85 per cent of applicants were under 40.

The CEO, MTN Nigeria, Karl Toriola, said, “We are delighted to welcome so many new shareholders to the MTN family, up 11.6 times from the number before the offer.

“It has been inspiring to see so many Nigerians, many of whom are young, acquire shares for the first time, and use a digital platform to do so. This is the beginning of a journey to broaden our shareholding and there will be more opportunities to participate.”

The company said following the successful completion of the offer, MTN Group’s shareholding in MTN Nigeria reduced by 3.25 percentage points from 78.83 per cent to 75.58 per cent.