MTN Shares Jump 7.05% On NGX As Public Offer Winds Down
With barely 24 – hours to the close of sale of its public offer, MTN Nigeria has recorded a 7.05 percent rise in the value of its shares during a one- day trade on the Nigerian Exchange Limited NGX.
During Monday’s trading session on the Nigerian Bourse, MTN Shares surged by 7.05 percent or N12.30 kobo to N186.80 per share from its opening value of N174. 50 kobo per share.
Similarly, the market capitalization of the telecom giant also appreciated by N250.360 billion, representing 7.05 percent to close at N3.80 trillion up from N3.55 trillion.
The company sold a total of 679,667 units of shares valued at N125.866 million. At its peak in the last one year, MTN Shares sold for N209.9, which also represented the highest value the shares went for since entering the Nigerian Stock market in 2019.
The appreciation of the company’s shares comes 24 hours to close of sale of MTN public offer to the public and retail investors at N169 per share. The public offer is primarily digital as the shares can be purchased online.
The sale which is up to 575 million shares at N169 per share is lower than its share price on the stock market.
Details of the offering showed that interested investors with N3,380 can purchase 20 shares at N169 per share with one share bonus and closes 5pm on Tuesday December 14, having opened on December 1 2021.
According to the Chief Executive Officer of MTN Carl Toriola, the public offer is in line with MTN Group’s commitment to reduce its shareholding in MTN Nigeria from 78.8 percent to 65 percent over time.
“This is a Naija company, proud to be Naija, and we want it to be even more Naija, so that every Nigerian that is eligible can own a share,” he said at a roadshow,” Toriola had said during the launch.
Since listing on the NGX in May 2019, the yellow brand share price has more than doubled, trading at over N191 in November 2021, from N90 on its launch in 2019.
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