MTN Nigeria Communications Plc, on Thursday announced its plan of opening a public offering for its shares and a bid from institutional investors in a transaction totalling 575 million units.
It was the first time the local unit of Johannesburg-based MTN Group will welcome subscription from the public roughly two and a half years after it debuted on the Nigerian Exchange Limited.
It was gathered that offer window will be closed in December.
“This is the first step in MTN Group’s previously communicated statement of intent to sell down approximately 14% of its shareholding in MTN Nigeria,” the wireless carrier told the NGX in a note seen by TOS NEWS.
MTN listed its Nigerian business in Lagos two years ago to become the second-largest stock by market capitalisation.
Shares of MTN Nigeria, which traded flat on Thursday at 191 naira, fell to the listing price of 90 naira in March 2020, hammered by lockdowns to slow the spread of coronavirus.