The MTN Group has disclosed plans to roll out a public offer of up to 575 million shares in its Nigerian subsidiary, MTN Nigeria Communications Plc.
This was disclosed in a statement by the Company Secretary, MTN Nigeria, Uto Ukpanah, a copy of which was made available to the Nigerian Exchange Limited (NGX).
According to the statement, the public offer would be by way of book building to institutional investors and fixed price to retail investors.
It said the offer is expected to open this month, with a book build to institutional investors, after which a fixed price would be announced for retail investors also in November 2021.
“The offer is expected to close in December 2021. This is the first step in MTN Group’s previously communicated statement of intent to sell down approximately 14 per cent of its current shareholding in MTN Nigeria,” it added.
The telecommunication company also announced a successful completion of issuance of its N89,999,000,000 Series II 10-year 12.27 per cent fixed rate bonds due 2031 under the N200 billion Bond Issuance Programme.
Commenting on the bond issuance, Chief Executive Officer, MTN Nigeria, Mr. Karl Toriola in a statement, appreciated investors’ support as the domestic debt capital market has yet again given the company the opportunity to raise long-term financing to aid investments in its network.
“In line with the company’s strategy, the bonds issued this year enable us to diversify funding sources and extend the maturity profile of the company’s debt portfolio.”
The Series II Bond is the second issuance in 2021 by MTN Nigeria following the successful debut in May 2021 This completes MTN Nigeria’s N200 Billion bond issuance programme, which was fully subscribed.
The book build process commenced on October 8, 2021 and was completed on October 15, 2021.
