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MTN Targets GH¢4.637bn as it launches its IPO

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Mobile Telecommunication Network (MTN), on Tuesday May 29, 2018 officially launched its Initial Public Offer (IPO) as it seeks to raise some GH¢4.637,394,533.

The offer which is expected to end on July 31 will be followed by listing on the Ghana Stock Exchange on September 5, 2018.

According to officials of the company they are expecting to raise a minimum amount GH¢347 million under the offer to make it successful.

Members of the public who are interested in purchasing the shares can do so in selected partner banks and also through MTN Mobile Money.

The Vice President of the MTN responsible for the expanded Southern & East Africa and Ghana (SEAGHA) Region, Ebenezer Asante, explained that the move to sell part of the company’s shares to Ghanaians is part of the localization that came with the 4G license.

He remarked that “It is very clear from the license that 35% of MTN should be moved into Ghanaian hands and since we acquired the license we have engaged the regulators both in the NCA as well as the Central Bank and also with the Securities and Exchange Commission”.

The plan is to let Ghanaians take up 35% of the business and the management of MTN says they are committed to ensuring that this objective is achieved.

The MTN Group is a leading operator in the telecommunication market, connecting subscribers in over 22 countries in Africa, Asia and the Middle East.

Source: ghananewsonline.com.gh

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