MTN Nigeria Communications (MTNN) Plc has announced that its first public offer for sale of 575 million shares recorded an over subscription 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.
It disclosed that 661.25 million MTNN shares were allowed adding that 126,720 retail investors submitted valid applications and received full allotment.
The statement added that 114,938 new Central Securities Clearing System (CSCS) accounts were created representing new market participants.
It said that approximately 76 per cent of successful applicants via digital platform were women and 85 per cent were under age 40.
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.
“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,” he said of the public 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.
“Deepening retail participation in Nigeria’s capital markets is a process and we are off to a great start, demonstrating the role digital platforms can pay in expanding access,” Toriola said.
Mr Bolaji Balogun, the Chief Executive Officer, Chapel Hill Denham, the local issuing house speaking on the public offer, said: “Chapel Hill Denham is honoured to have worked with MTN to complete Nigeria’s first digital and predominantly green offering.
“I wish to thank the Securities and Exchange Commission (SEC), NGX, CSCS all the professional firms and other stakeholders, for delivering a big win for Nigeria’s capital markets in enabling the adoption of primary offer and this transaction marks a new and exciting future.
“Over 90 per cent of subscribers to the offer were first time participants in the capital markets and MTNN’s instrument case made this possible,” Balogun said.
NGX’s Chief Executive Officer, Mr Temi Popoola, said: “NGX is proud to have worked with MTNN, Chapel Hill Denham and other parties to the transaction in advancing Nigeria’s capital market through the adoption of forward-looking technology.”
“This further buttresses the necessity for digital transformation, allowing market access for all categories of investors, including institutional and retail investors within and outside of the country.” (NAN)
