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Monday, January 30, 2023

MTN Nigeria to allot incentive shares to investors –

MTN Nigeria Communications Plc will distribute incentive shares to investors who participated in its initial public offering completed last January.

Incentive shares will be offered to eligible investors entitle them to additional shares, according to a statement to the investment community via Nigerian Exchange Limited (NGX).

Qualifying shareholders must purchase and be allotted at least 20 common shares in the offer, the statement said, adding that as of Jan. 31, 2023, shareholders must hold some or all of the shares allocated to them in the offer if Hold a minimum of 20 common shares.

The telco added that the shareholders’ names must appear in the company’s register of members on the qualifying date.

“Qualifying shareholders will have their incentive shares credited to their CSCS accounts on the qualifying date and upon obtaining the necessary regulatory approvals,” the filing said.

The communications company completed its initial public offering a year ago, which was 139.5% oversubscribed, requiring an additional allocation of 86.3 million shares.

The offer opened 114,938 new CSCS accounts on behalf of new market participants, with around 76% of those who successfully applied through the digital platform being women and 85% under the age of 40

It had begun selling 575 million ordinary shares then held by MTN International (Mauritius) Limited, but eventually distributed 661.3 million shares to retail and institutional investors, including pension funds, asset managers, insurance companies, corporates and Investors with foreign portfolios participating in inquiry.

As of the time of the public offering, MTN said it would allocate an additional share for every 20 shares purchased by shareholders, up to a maximum of 250 shares.

read also nigerian tribune

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