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SEC approves MTN Nigeria offer to sell 575 million shares

Felix Oloyede

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SEC approves MTN Nigeria offer to sell 575 million shares

MTN Nigeria Communications Plc. (MTNN) has obtained approval from the Securities and Exchange Commission, SEC, for the sale offer of up to 575 million common shares in MTNN held by the MTN Group.

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

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

“The institutional offer opens today at 12 noon on November 23 and closes at 2 pm on November 26, after which a fixed price will be determined for the retail offer.

“It is proposed that the retail offering be opened after the institutional offering and an announcement will be made to that effect once clearance is obtained from the SEC,” he said.

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