MTN Shares Applicants – What Next?

Congratulations to all those who succeeded in buying MTN Shares. The public offer to retail investors for the sale of up to 575 million shares held in MTN Nigeria by MTN Group was priced at N169.00 per share (the Offer). The Offer opened on Wednesday, 1 December 2021 and closed on Tuesday, 14 December 2021

The Offer was in line with MTN Group’s commitment to reduce its shareholding in MTN Nigeria from 78.8% to 65% over time. The objective of the Offer was to provide as many Nigerian retail investors as possible with an opportunity to own shares in MTN Nigeria.

The minimum subscription was for 20 shares and lots of 20 shares thereafter. In addition, the Offer included an incentive in the form of 1 free share for every 20 shares purchased, subject to a maximum of 250 free shares per investor.

The incentive is open to retail investors who hold the shares allotted to them for at least 12 months, post the allotment date.

What Next?

A public announcement will be made once the allotment process is completed and approved by the regulatory authorities.

All successful applicants will be notified by Coronation Registrars with the details of shares allotted to them.

Coronation Registrars will credit the CSCS accounts of all the successful applicants with the shares allotted to them.

Investors who do not have a CSCS account will be required to apply for one through their stockbroker and the Registrars will credit their accounts subsequently.

The Allotment Date will be the date on which the allotment of the shares Is cleared by the SEC. This is typically up to 7 days after the transaction closes and depends on the quantum of applications received.

The CSCS accounts of successful investors will be credited no later than fifteen (15) Working days from the Allotment Date.