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MTN launches its IPO today  

Group Vice President for Southern and East Africa and Ghana, Ebenezer Asante
Group Vice President for Southern and East Africa and Ghana, Ebenezer Asante

MTN will today launch its Initial Public Offering (IPO) to allow it raise some amount of money from the public.

The company is by this exercise give at least thirty-five percent access to the general public to own a stake in its operations.

The move is also to allow the telecom company fulfill a regulatory obligation regarding the purchase of one of the 4G spectrum licenses in 2015.

The launch follows the completion of the necessary regulatory processes with the Securities and Exchange Commission, NCA among other institutions.

For now, Citi Business News understands that MTN is seeking to raise some 780 million dollars. This translates into about 3.45 billion cedis.

This transaction will be the largest to be conducted on the local bourse in recent times.

Also when successful, MTN will be the first telecom company to list on the local bourse.

Some industry watchers also believe this may pave the way for other multinationals to list on the local bourse.

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

Citi Business News