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By Chidinma Anyalewechi | Nairametrics Also available: FR Published: November 05, 2021 11:56 AM
MTN Group Limited (JSE:MTN) has announced plans to offer for sale, the shares of its Nigerian subsidiary, MTN Nigeria Communications Plc (NGX:MTNN).
The Group has disclosed its intention to proceed with a public offer for sale of 575 million shares in MTN Nigeria.
This was made known in a notice signed by the company’s secretary, Uto Ukpanah and filed with The Exchange.
The notice further stated that the offer would be by way of a bookbuild to institutional investors and a fixed price to retail investors.
According to the statement, the offer is expected to open in November 2021 with a bookbuild to institutional investors and after which a fixed price will be announced for retail investors before it closes in December 2021.
It is worth noting that this is the first step towards the Group’s previously communicated statement notifying The Exchange and investing public of its intention to sell down 14% of its current shareholding in MTN Nigeria.
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