MTN Nigeria Communications Plc is set to allot incentive shares to investors who partook in its initial public offering completed last year January.
According to a statement to the investing community through the Nigerian Exchange Limited (NGX), the incentive share will be given to investors who meet the conditions entitling them to additional shares.
Eligible shareholders must have bought and were allotted at least 20 ordinary shares in the offer, the statement said, adding that the shareholders must hold a portion or all of the shares allotted to them from the offer as of 31 January, 2023 subject to holding a minimum of 20 ordinary shares.
The telecom company added that the shareholders must have their names appear in the company’s register of members on the qualification date.
“Qualified shareholders will have their incentive shares credited to their CSCS accounts after the qualification date and obtaining the requisite regulatory approvals,” the document said.
The communication company concluded its first public shares sale a year ago, an offer 139.5 percent oversubscribed necessitating allocation of extra 86.3 million shares.
The offer saw 114,938 new CSCS accounts opened for representing new market participants, with roughly 76 percent of successful applicants via digital platforms being women and 85 per cent below the age of 40
It had set out to sell 575 million ordinary shares then held by MTN International (Mauritius) Limited but ended up allotting 661.3 million to retail and institutional investors, the latter category of investors comprising pension funds, asset managers, insurance firms, corporates and foreign portfolio investors who participated in the bookbuild.
As at the point of the public offer launch, MTN said it would allot the shareholders one additional share for every 20 purchased and allotted up to a maximum of 250 shares.
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