MTN to list over a third of Ghanaian unit in IPO

Shares to be offered represent 35% of MTN Ghana
MTN Ghana is offering 1/3rd of its Ghanian unit in IPO.
MTN Ghana is offering 1/3rd of its Ghanian unit in IPO.

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According to Bloomberg, MTN Ghana will list one third of the company’s shares in the last week of May, in an initial public offering (IPO) valued at $754 million. The IPO will begin on 29 May and finish by the end of July. The shares to be offered represent 35% of MTN Ghana in line with the company’s obligations as part of its 4G LTE licence agreement obtained in 2015.

According to repots, MTN Group president and CEO, Rob Shuter announced that the company has received all required regulatory approvals to proceed with its upcoming initial public offering (IPO) on the Ghana Stock Exchange in late May.

"In Nigeria and Ghana we made good progress on the IPO processes, which we aim to conclude during 2018. To this end, we will be releasing full financial results for MTN Nigeria on 7 May 2018. On 20 April 2018, we received all required regulatory approvals to proceed with the IPO in Ghana, which we expect to launch in late May 2018," he told media.
MTN Ghana has increased its subscribers by 484,000 new customers to reach a total of 16,2 million in the first three months of the year 2018.
If successful, the share sale will be ten times ore than the Ghana Stock Exchange’s previous biggest IPO, when Agricultural Development Bank Ltd. raised 326 million cedis in December 2016. MTN is listing the stake to meet conditions agreed to in 2015 when it acquired the right to use spectrum that can carry high-speed mobile data for customers.

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