MTN Group is planning to sell more of its shares in the Nigerian local market, the South African company said on Thursday.
The group will sell as much as 575 million units of its ordinary shares in its local subsidiary, MTN Nigeria, it said in a letter to the Nigerian Exchange.
It said the offer for sale will be done through a process of price discovery for institutional investors and fixed price for retail investors.
“The offer is anticipated to open in November 2021 with a bookbuild to institutional investors after which a fixed price is expected to be announced for retail investors also in November 2021,” MTN said, adding that it will it is expected to close in December 2021.
“This is the first step in MTN Group’s previously communicated statement of intent to sell down approximately 14% of its current shareholding in MTN Nigeria,” it said.
MTN Nigeria Plc was listed on the local bourse in May 2019, at the price of N90.0 per share.
