By Chinenye Anuforo and Chinwendu Obienyi
MTN Nigeria has announced that it has secured approval from the Securities and Exchange Commission (SEC) to launch an equity book-build to qualified investors ahead of its planned sales of 575 million ordinary shares of the company to the public.
The telecom company had disclosed its intention to proceed with a public offer for sale of N575 million shares but has now received SEC approval to proceed with the offer.
The development was confirmed by the firm in a press statement signed by its secretary, Uto Ukpanah, and made available on the website of the Nigerian Exchange Limited (NGX).
“MTN Nigeria is pleased to announce that 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, by way of a book-build to qualified investors (Institutional Offer) and a fixed price to retail investors (Retail Offer)’’, the company’s statement said.
According to the disclosure, the Institutional Offer will open at 12:00pm on November 23 2021 and close by 2:00 pm on November 26, 2021 after which a fixed price will be determined for the Retail Offer.
The retail offer is proposed to open after the institutional offer.