Foreigners participation in MTN IPO limited to 5% – Group Finance Officer

Business News of Wednesday, 30 May 2018

Source: www.ghanaweb.com

2018-05-30

play videoRalph Mupita, Chief Finance Officer of MTN Group

After a successful launch of the MTN IPO for a 35 percent stake in its Ghana business, the Chief Finance Officer of MTN Group, Ralph Mupita has stated that foreigners will be limited to a 5 percent of the overall 35 percent of the operator’s shares where Ghanaians can have an ownership to the MTN Ghana Business.

Speaking at the launch, the Group Finance officer stated that, “we at MTN Ghana saw this principally as a localization where the locals will have an increasing ownership of the MTN Ghana Business and therefore by design we did limit the participation of foreigners to 5 percent of the overall 35 percent being put forward.”

“As a group we see it as a significant opportunity in this market, and we will therefore continue to invest in the market. We believe the fortunes of MTN Ghana are tarred with the fortunes of Ghana as a nation and believe we will continue to put more capital in the market.” he affirmed.

Mr. Mupita added that the IPO itself will create an opportunity to broaden equity capital markets in Ghana.

The Initial Public Offering (IPO) for a 35 percent stake in its Ghana business 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.

“Accra-based brokerage firm IC Securities is lead adviser for the transaction. If successful, MTN Ghana will be the most valuable company and the first mobile operator to be listed on the Ghana Stock Exchange.

Last December MTN signed a 510 million cedi ($112 million) syndicated loan from nine banks and was oversubscribed by 590 million cedis.”

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