MTN Group has announced that the Securities and Exchange Commission (SEC) has approved an offer for sale of up to 575 million ordinary shares in MTN Nigeria, by way of a bookbuild to qualified investors (Institutional Offer) and a fixed price to retail investors (Retail Offer).

The Institutional Offer opens on 23 November 2021 and closes at 15.00 SAST on 26 November 2021, after which a fixed price will be determined for the Retail Offer.

The Retail Offer is proposed to open after the Institutional Offer, and an announcement will be published in this regard once clearance is obtained from the SEC.

“MTN Group is pleased with the launch of this public offer. This is the first step in a series of offers over the near to medium-term for MTN Group to sell-down a total of up to 14% shareholding in MTN Nigeria. This should result in greater ownership by Nigerian institutional and retail shareholders, and increased liquidity of the share on the Nigerian Stock Exchange,” said Group President and CEO Ralph Mupita.

The MTN Group currently holds a 78.8% shareholding in MTN Nigeria.

In October ITWeb reported that MTN Nigeria was lifted thanks to strong performance from its data, Fintech and digital services silos.

ITWeb added that Nigeria is Johannesburg-headquartered MTN’s most profitable and biggest market out of the 21 countries it has a footprint.

In the nine months to September, MTN added 2.5 million active data users to reach 33.2 million, and data revenue rose by 51.5%.

Fintech revenue grew by 55.2%, as customers continued to increase their use of the telco’s broader Fintech services. Similarly, digital revenue surged by 56%, as the active user base grew and penetration of MTN digital products deepened.

In September ITWeb Africa reported that that MTN is aiming to expand broadband access in Nigeria with plans to invest about US$1.45-billion (NGN600-billion) over the next three years.

Mohammed Rufai, MTN Nigeria’s Chief Technical Officer, said this is in support of the Nigerian National Broadband Plan. “Further, it is important to remember our ultimate vision of ensuring all Nigerians experience the benefit of a modern connected life. In this regard, we are equally committed to the deployment of a mix of mobile wireless communication technologies towards ensuring the widest possible coverage for all Nigerians.”