The statement signed by the Company Secretary of MTN Nigeria Communication Plc, Uto Ukpanah, which was posted on the website of the Nigerian Exchange revealed that 126,720 retail investors submitted valid applications and received full allotment.
The communication company announced that its first public offer for sale of 575 million shares recorded an oversubscription of 139.47 per cent, activating the allocation of an additional 86.25 million shares.
The statement disclosed that 661.25 million MTNN shares were allowed, adding that 126,720 retail investors submitted valid applications and received full allotment. It also added that 114,938 new Central Securities Clearing System (CSCS) accounts were created representing new market participants. And approximately 76 per cent of successful applicants via digital platform were women and 85 per cent were under age 40.
According to the statement, MTN Group shareholding in MTNN reduced by 3.25 per cent, from 78.83 per cent to 75.58 per cent, following the successful completion of the offer.
READ ALSO: FG Garnered N174bn from Marginal Oil Field Bid
While commenting on the offer, MTN Group Chief Executive Officer, Mr Ralph Mupital, said, “We are pleased that this offer has given so many Nigerians the opportunity to become owners of MTNN with over 6.6 million Nigerians directly or indirectly becoming shareholders in MTNN.
“The objective of broadening the shareholders base and creating shared value has been achieved. We are proud that our offer was the first Nigerian public offer to use the digital application platform, primary offer, which enabled wider investor participation across Nigeria.
“We thank the Nigerian authorities for their support of this offer, we remain committed to playing our humble role in driving digital and financial inclusion in Nigeria over the medium,” Mupital said.
Also commenting on this development, Chief Executive Officer, MTNN Mr Karl Toriola, said, “We are delighted to welcome so many new shareholders to the MTN family, up 11.6 times from the number before the offer.
“It has been inspiring to see so many Nigerians, many of whom are young, acquire shares for the first time and use a digital platform to do so.
“This is the beginning of a journey to broaden our shareholding and there will be more opportunities to participate.
“We are pleased with the level of digital innovation we championed with this offer with the active collaboration of our lead issuing house and the various regulatory bodies.
“Deepening retail participation in Nigeria’s capital markets is a process and we are off to a great start, demonstrating the role digital platforms can pay in expanding access,” Toriola said.
NGX’s Chief Executive Officer, Mr Temi Popoola, said: “NGX is proud to have worked with MTNN, Chapel Hill Denham and other parties to the transaction in advancing Nigeria’s capital market through the adoption of forward-looking technology.”
The CSCS Chief Executive Officer, Alhaji Haruna Jalo-Waziri, said: “we are excited to be part of the innovation brought by the offer, which afforded the successful launch of primary offer digital application platform.
“This further buttresses the necessity for digital transformation, allowing market access for all categories of investors, including institutional and retail investors within and outside of the country.”
