MTN
MTN

The Chief Executive Officer (CEO) of MTN Ghana, Mr. Selorm Adadevoh, has hinted that the company will meet the target number of shares by the close of the Initial Public Offer (IPO).

Adding, that the company is picking a positive signals; after the launching of the IPO.
Briefing the media in Accra, he noted that company will not extend the ongoing Initial Public Offer (IPO) on the Ghana Stock Exchange (GSE) beyond the July 31, 2018 deadline.
According to him, the transaction, which started from May 29 to July 31, 2018 would have a positive impact on the local market, expanding the frontiers of inclusion.

The company is by this exercise giving at least thirty-five percent access to the general public to own a stake in its operations.
The move is also to allow the telecom company fulfill a regulatory obligation regarding the purchase of one of the 4G spectrum licenses in 2015.
This he said the company is approaching the seventh of the IPO. It is quite exciting for us because it is going to increase the trading activity on the Ghana Stock Exchange”.

The Chief Finance Officer of MTN Ghana, Modupe Kadri, also seized opportunity to assure the public that the IPO proceeds will not be used to pay the company’s recent syndicated loan.
He also dispelled rumours that the telecom service provider would repatriate proceeds from the IPO immediately to investors in its home country of South Africa.
According to him, the Bank of Ghana has agreed to them in the repatriating of the proceeds after the IPO. When the IPO closes, we will have another engagement with the Bank of Ghana for their direction on how to repatriate the proceeds.
An Initial Public Offering (IPO) is when a firm issue shares to the investing public for the first time. The investing public usually includes individuals and institutional investors such as banks, insurance firms and pension funds.
In May 2018, MTN Ghana became the first Telco in Ghana to offload 35 percent of its stake to the Ghanaian Public through IPO.
The landmark IPO is in fulfillment of an agreement with the National Communications Authority (NCA) in 2015 for the introduction of its fourth generation (4G) data network in the country.

The telecom giant is aiming to raise GH¢3.47 billion at 0.75 pesewas per share which industry analysts have described as a good news for the Ghanaian bourse.

By: Isaac Kofi Dzokpo/newsghana.com.gh

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