Business News of Tuesday, 29 May 2018
Source: 3news.com
2018-05-29
Mobile money subscribers can also purchase the shares on the stock market
Telecom giant MTN Ghana Limited launched its Initial Public Offer on Tuesday as it commits to trade 35% of the company’s value.
Till the end of July, MTN will be offering 4,637,394,533 billion shares at 75 pesewas each.
The company is hoping to raise about GH¢3.478 billion cedis from the exercise and to possibly list on the Ghana Stock Exchange on September 5, 2018.
On 20th April 2018, MTN Ghana received all required regulatory approvals from the National Communications Authority and the Ghana Stock Exchange to proceed with the IPO.
According to the leading telecommunications company, the listing forms part of conditions for securing the 4G LTE licence for 800MHz spectrum in 2015.
The CEO of MTN East, Southern Africa and Ghana, Ebenezer Asante speaking at the launch observed: “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.”
Chief Finance Officer, MTN Group added, “We saw this principally as a localization. Wanting locals to have an increasing ownership of the MTN Ghana Business.”
For the first time, mobile money subscribers can purchase the shares on the stock market.
MTN Ghana has over 17.83 million subscribers with a market share of approximately 55.09% as at December 2017.