MTN Nigeria Starts Process to Sell 575 Million Shares
By Chuks Emele
MTN Nigeria started a process at the stockmarket on Tuesday to set a price for 575 million shares it’s putting on sale.
The price-discovery process, also known as bookbuilding, opened to so-called institutional investors at noon on November 23, with a sale price to be determined by November 26, the company said in a statement to the Nigerian Exchange.
After the institutional offer is closed, “a fixed price will be determined for” retail buyers, the company said. An offer will be announced once the necessary approvals are obtained from the Securities and Exchange Commission.
The MTN Nigeria shares being offered are currently held by MTN International Mauritius Ltd. South Africa’s MTN Group Ltd is Africa’s biggest mobile-phone company, with Nigeria’s 68 million subscribers its largest market. The shares will add to MTN stocks previously listed on the exchange, making it one of the most capitalized on the trading platform.