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MTN Nigeria Will Provide Investors Free Shares

MTN Nigeria

A deal is being finalized by MTN Nigeria Communications Plc to distribute free shares to investors who joined the business during its December 2021 public offer for sale.

MTN Nigeria said it was finalizing plans to distribute incentive shares to shareholders who purchased through its public offer and held on to at least 20 ordinary shares between January 31, 2022, and January 31, 2023, in a regulatory filing over the weekend.

In its December 2021 public offer for sale, the communication company had incorporated a cutting-edge incentive structure of one free share for every 20 purchased, subject to a maximum of 250 free shares per investor.

As a result, if eligible investors hold the shares they were given for a full year until the end of January 2023, an extra 4.28 million shares will be given to them.

After receiving the necessary regulatory permission, the business declared that all qualified shareholders listed on the company’s registration as of January31, 2023 will have their incentive shares credited to their Central Securities and Clearing System accounts.

A subscriber must have held at least 20 shares for the previous 12 months in order to qualify for the incentive shares. They also need to be listed on the company’s register as of January 31, 2023.

You can read more of such stories at The Cheer News.

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Oversubscription of 39.5% was recorded for MTN Nigeria’s N97.18 billion public offering, totaling N135.53 billion.

The general public’s retail investors were offered 575 million ordinary shares of 50 kobo apiece by MTN Nigeria for a price of N169 per share. The application list for the offer was made available on December 1, 2021, and it was set to close at 5:00 p.m. on December 14 of that same year.

In accordance with the terms of the offer, which permitted the issuer to absorb an additional 15% of subscriptions, MTN Nigeria’s disclosure of the allocation data revealed that an additional 86.25 million shares were added to absorb oversubscription.

According to a breakdown, institutional shareholders under the book-building phase had their allotments reduced while retail owners received their entire allotments despite the oversubscription.

A record number of 114,938 new accounts from new market participants were opened at the stock exchange, and 76% of those who were successful applicants through the digital platform were women, with a majority of them (85%) under the age of 40.

A 15% oversubscription clause for an additional 86.25 million MTN Nigeria shares was activated after valid applications for 801.97 million shares were received. A total of 661.25 million shares were distributed.

You can read more of such stories at The Cheer News and  Credible News


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