MTN Nigeria Gets AGM, SEC Nod for Secondary Offering of Shares

Board of Directors of MTN International, the entity that holds MTN Nigeria Communications for the group, received shareholder approval at the AGM for a secondary offer of up to 14% of the share capital of MTN Nigeria, Securities Africa Research says in emailed note.

* “Shareholders agreed to a secondary offer for a portion of shares held by parent company, Africa’s largest mobile operator which has a 78.8% stake in MTN Nigeria which will effectively reduce to about 65% and will raise the free float to 35%. Institutional Investors currently hold approximately 18.0%, hampering daily liquidity of the stock”
* According to the Securities and Exchange Commission of Nigeria, it would approve the share sale program in tranches and once it has been registered. it is valid for three years, Securities Africa Research says

Source: Bloomberg