MTN Nigeria Communications Plc (MTNN) has earned the approval of the Securities and Exchange Commission (SEC) for the offer for sale of up to 575 million shares in MTNN held by the MTN Group.
This was contained in a notice signed by the MTNN Company Secretary, Uto Ukpanah, published on MTNN’s website of the Nigerian Exchange (NGX) Ltd. on Tuesday in Lagos.
The offer will be by way of book build to institutional investors (institutional offer), and subsequently, a fixed price to retail investors (retail offer).
“The institutional offer will be opened at 12.00 noon, November 23, and will close at 2:00 p.m., on Nov. 26, after which a fixed price will be determined for the retail offer.
“The retail offer is proposed to open after the institutional offer and an announcement will be published in the regard once clearance is obtained from SEC,” it said.