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MTN begins review of IPO applications

Selorm Adadevoh - MTN Ghana CEO
Selorm Adadevoh - MTN Ghana CEO

MTN has announced that it has commenced collating shares for its Initial Public Offering (IPO).

The telecom company on Friday (August 3, 2018) said in a statement that it is currently reviewing the applications.

“Following the closure of the IPO, the applications received are currently being reviewed and collated for allotments to commence,” the statement said.

MTN opened its IPO for two months; between June and July.

The move is to complete the regulatory processes with the NCA after acquiring one of the 4G spectrum.

Commenting on the issue process so far, the CEO of MTN, Selorm Adadevoh said,

“We are happy about the uptake of shares by a broad number of Ghanaians who took advantage of the various avenues provided, especially the MoMo Service to apply for shares. I am particularly excited about the fact that the MoMo Service paved the way for people in urban and rural communities to apply for shares”.

He also expressed appreciation to Ghanaians for showing interest in owning a part of MTN Ghana, and assured all prospective shareholders of the company’s commitment to work closely with them.

In all, MTN is seeking to raise 3.47 billion cedis.

This will be achieved through the issuing of 4,637,394,533 ordinary shares.

This also represents 35% of MTN Ghana.

The declaration of the outcome of the issue is expected to be made within the coming weeks.

“MTN Ghana will make announcements in accordance with applicable regulations after applicable corporate and regulatory approvals,” the company said.

MTN’s IPO has been described as the largest on the stock market thus far.

It is also expected to list proceeds on the stock market on 5th September, 2018.

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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