MTN Ghana bags GH¢1,146,589,464.75 for sale of shares

Telecommunication giant MTN Ghana, has made history as the largest primary shares issuer on the stock exchange as it made a whooping GH¢1,146,589,464.75 for selling a total of 1,530,474,36 to an entirety of  128,152 applicants.

According to Chief Executive Officer of MTN, Mr. Selorm Adadevoh, the offer period which ran from May 29 to July 31 recorded an exceptional exceeding demand of the minimum targeted amount of GH¢347,804,590 required to be raised.

The CEO added that a total of 4,637,394,533 ordinary shares valued at GH¢3,478,045,900 at an offer price of GH¢0.75 per share representing up to 35% of the issued shares were patronized by qualified applicants with a total of 127,826 being Ghanaians making a purchase of GH443,631,446.25 representing a percentage of  38.69% and 326 non-Ghanaians making a 61.31%.

Out of a total of 128,152 applicants,499, he said,  were institutional purchasing, a total of 1,367,386,080 making a price money of GH¢1,025,539,560.00 representing 89.44% while the remaining 163,088,280 shares representing 10.56% were brought by retailers at a price money of GH¢121,049,904.75.

A total of 108,434 applicants representing a percentage of 84.6%, the CEO noted had subscribed through MTN mobile money portal indicating an encouraging understanding of the mobile money platform usage.

A number of applicants according to Mr. Adadevoh received notifications to update their identification documentation (IDs) adding that applicants who received such notifications should visit any MTN Service Centre with updated IDs as a matter of urgency.

As a prerequisite for listing on the stock exchange, applicants he indicated were required to update their IDs with a valued ID to trade their share on the first day of trading.

The CEO reassured applicants of his outfit’s commitment to allotting their respective shares to their accounts.

He, however, revealed that until the applicants had updated their information on the offer prospectus, their shares were going to be held in a nominee accounts of the Central Security Depository (CSD) that would be created by IC Security for successful applicants who could not provide details of their Central Security Depository (CSD) pending transfer into their accounts at successful completion of their update.

Trading of MTN shares, according to the CEO was to start on the September 5, 2018. Share holders; he stated would be able to monitor the performance of their shares and trade their MTN shares by contracting a licensed dealing member of the stock exchange.

 

 

Story: Prosper A. Kwaku SALASSY

Writer’s email: psalassy83@gmail.com

 

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