MTN to start selling more than 30% of its Ghana business from next week
MTN is listing the stake on the Ghana Stock Exchange to meet conditions agreed to with the government in 2015, when it got the right to use fourth-generation spectrum
Accra — MTN will start selling more than a third of its Ghanaian unit for $754m next week in an initial public offering (IPO) that will be 10 times larger than the West African nation’s previous biggest share sale, according to a person familiar with the matter. The offer to raise 3.48-billion cedis of stock will start on May 29 and close at the end of July, said the person, asking not to be identified because he/she is not authorised to speak publicly. Africa’s biggest cellphone company by subscribers is offering 4.64 billion shares in the unit at 75 pesewas each, representing 35% of its value, according to the person. MTN said on May 3 the offer would start at the end of the month. The company is listing the stake on the Ghana Stock Exchange to meet conditions agreed to with the government in 2015, when it acquired the right to use fourth-generation spectrum, a high-speed mobile data carrier for customers. MTN declined to comment. Kwabena Osei-Boateng, MD of IC Securities, which i...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.