MTN floats shares on Ghana Stock Exchange

Leading telecommunication company, MTN Ghana Limited, last week listed on the Ghana Stock Exchange (GSE) to pave way for trading of its shares in the country.

The shares, according to the company, will trade under the symbol ‘MTNGH.’

The listing makes MTN Ghana the first telecommunication company to list on the GSE, and has enabled many Ghanaians across the country and from all walks of life to participate in the Initial Public Offer (IPO).

“It is common knowledge that MTN has a lot of “first evers” to talk about. Starting from 1996, when Scancom Ghana Limited now MTN made history by being the first company to introduce GSM technology in Ghana. We are proud to be the first to have launched all the generations of technology, talking about 2G, 3G, 3G and 4G LTE mobile.

“We were also the first to launch mobile money. Our business touches many lives and we estimate that directly and indirectly we are responsible for about half a million sustainable jobs in Ghana,” the Chief Executive Officer (CEO), Mr Selorm Adadevoh, revealed

“Today, we are adding more to the firsts. We are indeed the first telecom in Ghana to list on the Ghana Stock Exchange (GSE) and is the first Initial Public Offer (IPO) in the country’s history to be launched in all 10 regions with the largest amount to be raised in the IPO on the GSE also with the largest subscription,” the CEO of MTN continued.

Mr Adadevoh made the observation during the official launch of MTN shares listing on the Ghana Stock Exchange last week.

The IPO, according to the CEO, has doubled the previous equity IPOs on the GSE put together. He alluded to the fact that MTN would represent about 14% of the market capitalisation on the GSE with the largest shareholder base.

The MTN Ghana boss said the company’s story had always been a story of great accomplishments due to the collaboration it has been enjoying from all the people with interest in the business.

He said the company was successful in exceeding the threshold and the SEC approved the final allotment on August 29, 2018 adding that “We at MTN are very excited at the successful completion of this IPO and we celebrate all the records we have set.”

He gave the assurance that the company would continue to work hard to implement strategies to ensure best customer service.

The Deputy Managing Director of the GSE, Mr Ekow Afedzie, said the offer was the largest IPO to be raised in the history of the GSE.

It was also the first time subscribers paid for shares via a mobile application during an IPO.

MTN realised over GH¢1.1 billion from its initial public offering, which ran from May 29 to July 31, 2018.

Mr Afedzi said MTN Ghana had shown that it was possible to make Ghana a financial hub in Africa and had set the pace for other telecom industries to follow.

He commended MTN for offloading portions of its shares to the public and urged management to abide by the rules of the exchange and stick to its dividend policy.

The Deputy Minister of Communications, Mr Vincent Sowah Odotei, commended MTN Ghana for blazing the trail for mobile telecommunications trading on the stock exchange.

He said: “Most laudable is MTN’s decision to use the Mobile Money platform as a subscription channel to reach all Ghanaians everywhere. The innovation is commendable.”

Mr Odotei said the listing of the giant telecommunications network company was a major boost for the Ghanaian economy, especially as the country pushed for a Ghana beyond Aid.

 

 

Story: Prosper A. KWAKU SALASS

Writer’s email: psalassy83@gmail.com

 

 

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