MTN’s 575m shares public offer oversubscribed by investors

MTN Nigeria Communications (MTNN) Plc has announced that its first public offer for sale of 575 million shares recorded an oversubscription of 139.47 per cent.

This is contained in a statement signed by the MTNN Company Secretary, Uto Ukpanah, posted on the Nigerian Exchange (NGX) website.

The statement said that the offer was 139.47 per cent oversubscribed, activating the allocation of an additional 86.25 million shares.

It disclosed that 661.25 million MTNN shares were allowed, adding that 126,720 retail investors submitted valid applications and received a full allotment.

The statement added that 114,938 new Central Securities Clearing System (CSCS) accounts were created representing new market participants.

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It said that approximately 76 per cent of successful applicants via digital platforms were women and 85 per cent were under age 40.

The statement also said that following the successful completion of the offer, MTN Group shareholding in MTNN was reduced by 3.25 per cent, from 78.83 per cent to 75.58 per cent.

Commenting on the offer, MTN Group Chief Executive Officer, Mr. Ralph Mupita, said: “We are pleased that this offer has given so many Nigerians the opportunity to become owners of MTNN with over 6.6 million Nigerians directly or indirectly becoming shareholders in MTNN.

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“The objective of broadening the shareholders base and creating shared value has been achieved. We are proud that our offer was the first Nigerian public offer to use the digital application platform, the primary offer, which enabled wider investor participation across Nigeria.

“We thank the Nigerian authorities for their support of this offer, we remain committed to playing our humble role in driving digital and financial inclusion in Nigeria over the medium,” Mupita said.

Also, Mr. Karl Toriola, Chief Executive Officer, MTNN said: “we are delighted to welcome so many new shareholders to the MTN family, up 11.6 times from the number before the offer.