The Securities and Exchange Commission (SEC) has given MTN Nigeria Communications Plc (MTNN) the approval to sell up to 575 million common shares in MTNN held by the MTN Group.
Uto Ukpanah, the Secretary of the MTNN Company revealed this via a notice on the Nigerian Exchange website (NGX) Ltd on Tuesday.
The offer will be through bookbuild to institutional investors (institutional offer), and subsequently, a fixed price to retail investors (retail offer).
“The institutional offer opens today at 12 noon on November 23 and closes at 2 pm on November 26, after which a fixed price will be determined for the retail offer.
“It is proposed that the retail offering be opened after the institutional offering and an announcement will be made to that effect once clearance is obtained from the SEC,” he said.
