MTN Nigeria to offer 14% of MTN Mauritius holding to retail investors

MTN Nigeria Communications Plc (MTNN), the leading player in the Nigerian telecommunication sector reiterated the firm’s plan to sell 14% of its group shareholding to retail investors.

As of Q1:2021, MTN Mauritius held the majority shareholding of the firm at 78.1%, followed closely by institutional investors with an aggregate holding of c.18%. MTN got listed on the Nigerian Exchange Group by Introduction in 2019, meaning there were no new shares issued, according to Nigerian news site Niarametrics.

At the time, the management of the firm committed to increasing retail ownership in the company when there is an appropriate market condition for the offer.

MTN intends to ensure the completion of its three-year plan to deploy about N640 billion (Rs100 billion) to two critical areas: broadband acceleration in line with the National Broadband Plan and the connections of the remaining locations in Nigeria that do not have access to modern telecommunication services.

MTN Mauritius (MTN Group) holds c. 78.1% of the firm’s outstanding shares, while c.18.0% is held by Institutional Investors, a structure that hampers ‘day-play’ on the stock.

Read the full article on Niarametrics