One of Nigeria’s telecommunications giants, MTN, has announced the sale of its 575 million shares worth N97.2 billion to the public as a way of broadening its ownership in the country, IgbereTV reports.
The Chief Executive Officer of MTN Nigeria, Mr Kari Toriola, while announcing this during a press conference on Tuesday in Abuja, said the shares were structured to ensure that it broadens its local shareholder base providing an opportunity for as many Nigeria as possible to become shareholders in MTN Nigeria in the group and value that this great business creates.
He said MTN is not trying to raise money through sales of shares nor is it trying to exit the country, but seriously trying to broaden the ownership of the telecom company in the country.
“Today is a remarkable day for me personally and for MTN as an organisation as we further the process of broadening the ownership of MTN Nigeria PLC.
“We marked 20 years of operations in Nigeria, and I can’t think of a better way to celebrate this milestone than to expand Nigeria participation in the shareholding of MTN Nigeria through the process which we are announcing on Tuesday.
“We offer for sale up to 575 million shares held by MTN Group in MTN Nigeria has been deliberately structured to ensure that it broadens our local shareholder base providing an opportunity for as many Nigeria as possible to become shareholders in MTN Nigeria in the group and value that this great business creates
“To be clear, we are not raising capital, this is a sell-down by MTN group of its shareholding in a structured process from just under 79 per cent to 65 per cent.
“Also to be clear, this is absolutely not any form of an exit of MTN Group from Nigeria, there is no MTN group without MTN Nigeria and there is no MTN Nigeria without MTN Group, it is genuinely a desire to have as many Nigerians as, become shareholders in this business and share in the value that we create in the future going forward,” he explained.
