MTN dismisses reports purporting to provide information on shares allotment

MTN Nig Plc has today stated that report making rounds of the intention to provide the information on the allotment of shares purchased from the just concluded offer for sale program is not from the company.

This was disclosed by the company through a notice signed by the company’s secretary, Uto Ukpanah, and filed with the Nigerian Exchange Limited (NGX).

The company stated that its attention has been drawn to such media reports which did not emanate from the company.

The notice read, “The attention of MTN Nigeria Communications Plc has been drawn to the media reports purporting to provide information on the allotment of shares from the recently concluded offer for sale of some of MTN International (Mauritius) Limited’s shares held in MTN Nigeria.

“The information being reported did not emanate from the company. The Securities and Exchange Commission’s review process is ongoing and an announcement will be made by the Company once all regulatory approvals have been obtained,” it continued.

In December 2021, the telecommunications company revealed that it will be offering the 575 million shares held by MTN Group to retail investors at N169 per share. The offer opened on the 1st of December 2021 by 8:00 am prompt and closed at 5:00 pm on the 14th of December, 2021.

According to the disclosure, the minimum subscription was 20 shares and thereafter in multiples of 20 shares. The offer included a bonus share of one share for every 20 shares bought by a retail investor subject to maximum bonus shares of 250 per investor.