Business News of Wednesday, 30 May 2018
Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Yofi Grant has commended the MTN Group for launching its Initial Public Offer (IPO) in Ghana even though the country is not its largest market.
Speaking at the launch of the MTN Ghana Share Offer, Yofi Grant indicated that MTN’s IPO is so far the largest localization of any business in Ghana adding that it ‘democratizes the economy’ by giving Ghanaians the opportunity to own part of a big player in the economy.
“The volume of the transaction is large. I’m told it’s a listing of about $700m, that will make it the largest IPO on the Ghana Stock Exchange,” he noted.
He added that “we are indeed very happy that despite the fact that we are not your largest market, you have decided to do your IPO in Ghana and look at the economy such that the Ghanaian has a good part of it”.
Yofi Grant stated that MTN’s IPO will help resolve the issue of engaging and building capacity in Ghanaians, something the GIPC has been seeking to do as the country becomes more attractive to investors.
He urged Ghanaians to take advantage of the opportunity to “join a dynamic company that is very transformational and plays a very critical role in the economy with many interventions”.
The country’s largest mobile telecom operator, MTN, on Tuesday launched its initial public offer (IPO) as part of the company’s aim to allow Ghanaians acquire a stake in its highly profitable business – becoming first in the telecommunications industry to place on the Ghana Stock Exchange (GSE).
MTN’s Vice President for Southern, East Africa, and Ghana region, Ebenezer Asante, said the IPO marks the opening of a new chapter in the company’s life – which has been operating in the country since 1996.
The move is part of the requirement by the National Communication Authority for acquiring a 4G spectrum.
The launch of the IPO means that the public can now buy shares in the company at a cost of GH¢0.75 and a minimum of 10 shares per purchase. The shares can be bought at selected banks as well as on MTN mobile money.
Interested persons have until July 31 to make their purchases.