Business News of Tuesday, 29 May 2018
Telecommunication company, MTN, will today, Tuesday, 29 May 2018 launch its Initial Public Offer (IPO) on the Ghana Stock Exchange to acquire a 4G spectrum.
The exercise is to allow the public to own a part of MTN.
Following the completion of the process, the public will have the opportunity to own 35 percent of MTN.
The move is part of the requirement by the National Communication Authority (NCA) for acquiring a 4G spectrum.
Speaking about the development, Head of Research at Data Bank, Alex Boahen, expressed hope that the move will excite investors hoping to be part of Ghana’s telecom industry.
He said: “This IPO is welcome news, it’s going to be massive in the market and the investor community is excited about it, especially, the professional investors, the fund managers, mutual fund managers, pension fund managers.
“It’ll offer them the opportunity to further diversify their portfolios, and by doing so, they also reduce the risk profile of their portfolio, so, it’s going to be quite positive on the market.
“For those who are eager to get a piece of Ghana’s fastest-growing telecom sector, this IPO maybe right for them because MTN is a company that most Ghanaians can identify with and with this opportunity to own a share in this company, I think it is something that will excite many people.”