MTN Ghana to raise GHC3.5 million in IPO

Business News of Wednesday, 30 May 2018

Source: ghananewsagency.org

2018-05-30

Mr Ebenezer Asante, the Chief Executive Officer, MTN Ghana

MTN Ghana as part of measures to fulfilling its 4G license requirement is transferring 35 per cent stake to Ghanaians through an initial public offering.

The Company seeks to raise GH¢3.47 billion at 0.75 cedis per share in the sale of over four billion ordinary shares to the public.

Mr Ebenezer Asante, the Chief Executive Officer, MTN Ghana, speaking at the Launch of its Initial Public Offering (IPO) expressed the hope that the transaction would have a positive impact on the country’s local market, expanding the frontiers of inclusion.

He said MTN listing its shares on the Ghana Stock Exchange (GSE) was to meet conditions agreed to in 2015 when the company acquired the right to use 4G spectrum that could carry high-speed mobile data for customers.

“Our regulator made it a license requirement for MTN Ghana, which we complied with because we believed the good people of Ghana deserved the privilege of owning a part of MTN,” he added.

The CEO said another first for the company was the approval by the GSE to use MTN Mobile money to make transactions in the offer.

With the use of the MTN mobile money platform, customers would be able to transact their business on the offer at the comfort of their homes and business centres, without stepping into any MTN offices.

He said their excitement was rooted in the fact that Ghanaians, by investing in MTN Ghana would benefit as it maintains its track record of investing in its business, focusing on high growth opportunities and delivering attractive financial returns, double-digit revenue, strong profit margins and a dividend payout target of 60 per cent to their shareholders.

Mr Yoofi Grant, the Chief Executive Officer of Ghana Investment Promotion Centre, said it was an opportunity for Ghanaians to invest in the number one telecommunication Company in the country.

He said the IPO opens up the country to the rest of the world for investors to invest in the telecommunication industry to the growth the economy.

He encouraged other multinational companies to also follow the good steps of MTN Ghana to be listed on the GSE and give the citizenry the opportunity to be part of their company.

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