MTN Targets GH¢3.47bn from IPO

MTN is seeking to raise 3.478 billion cedis as it launches its Initial Public Offering (IPO).

By this, MTN will cede at least thirty-five percent access to the general public to own a stake in its operations.

The move is also aimed at fulfilling regulatory obligation regarding the purchase of one of the 4G spectrum licenses in 2015.

The telecommunication company is targeting up to 4,637,394,533 shares at 75 pesewas per share.

The launch follows the completion of the necessary regulatory processes with the Securities and Exchange Commission, NCA among other institutions.

Speaking at the launch, the CEO of MTN East, Southern Africa and GHANA, Ebenezer Asante said the company has introduced a new way of listing on the stock exchange.

“We move into another phase of our business which seeks to give Ghanaians that unique opportunity to own a share of MTN…The entire offer is for two months,…I am excited to say that we are allowing shares to be bought through MTN mobile money,” he observed.

The public share offer starts on Tuesday, May 29, 2018 till July 31, 2018.

The entire offer will last for two months while the entire process should be completed by September 2018 which will culminate in the listing on the stock market.

Source: Citibusinessnews