MTN Nigeria to Issue Public Offer in November

MTN Nigeria to Issue Public Offer in November

MTN Nigeria has announced a plan to issue a public offer for 575 million shares to retail and institutional investors from this month. The new offer is part of the MTN Group’s plan to reduce shareholding in its Nigeria subsidiary by 14%.

The move is coming two years after the telecommunication giant listed its stock on the Nigerian Exchange.

In a statement issued by the telecoms on Thursday, MTN said the offer will take place via book building for institutional investors and at a fixed price to retail investors, the local unit of South Africa’s MTN.

However, the public offer will close exactly a month with December 2021 noted as the closing date.

“This is the first step in MTN group’s previously communicated intent to sell down about 14% of its current shareholding in MTN Nigeria”, the statement reads.

MarketForces Africa recalls that to raise N89.999 billion from the debt market, MTN Nigerian had obtained the approval of the Securities and Exchange Commission to launch the Series II 10-Year fixed rate bond announced on 21 September 2021.

It said the Series II Bond represents the completion of the N200 billion registered shelf programme, added that the bond issuance continues to reinforce its strategy of diversifying its funding sources.

For the bond issuance, the telecommunication company launched the book build in respect of the Series II Bond on 8 October 2021.

#MTN Nigeria to Issue Public Offer in November. Read Also: MTNN Share Rated Strong Buy as Firm Plans to Raise Debt Capital

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source https://dmarketforces.com/mtn-nigeria-to-issue-public-offer-in-november/