Chief Executive Officer of MTN Ghana, Mr. Selorm Adadevoh

The country’s leading mobile telecom network, MTN Ghana, has announced a successful completion of its initial public offer “IPO”, selling about a third of shares placed on offer from May to July 2018.

The IPO, which was officially launched on Tuesday, May 29, 2018 aimed at offering Ghanaians and the general public the opportunity to own 35 per cent shares of MTN Ghana.

Briefing Journalists in Accra, the Chief Executive Officer of MTN Ghana, Mr. Selorm Adadevoh, hinted that the company raised GHC 1,146,589,464.75 representing 32.97 per cent of the total offer amount which he described as a successful feat. MTN has secured over GH₵1.14 billion in a historic Initial Public Offering (IPO),

This he said, the first day of trading of the MTN Ghana shares is expected to be the 5th of September 2018.
“Shareholders will be able to monitor and trade their MTN Ghana shares by contacting a licensed dealing member of the Ghana Stock Exchange,” he stated.

A total number of 128,152 applicants were signed on with 127,826 of the applicants being Ghanaians contributing to about GHC443, 631,446.25.

They bought a total of 593,040,280 shares representing 38.69 per cent. According to him, this means that MTN Ghana will have the largest number of Ghanaian shareholders on the Ghana Stock Exchange.

The number of non-Ghanaians were 326, with 937,434,080 shares raising an amount of GHC 702,958,018.50 representing 61.31 per cent.

“Ordinary shares of MTN Ghana 4,637,394,533 valued at GHC 3,478,045,900 at an offer price of GHC 0.75 representing up to 35 per cent of the issued shares were sold. IC Securities, acting as Financial Advisor and Sponsoring Broker, specified the minimum threshold that was required.

The transaction he indicated, forms part of MTN Ghana’s localization effort and demonstrates its long term commitment to Ghana.

Mr. Selorm said the company is satisfied with the number of investors, adding that history has been set by MTN on the Ghana Stock Exchange since what they have achieved is almost double the size of all the IPOs listed on the GSE.

Mr. Adadevoh noted that for the first time in history, MTN Mobile Money “MoMo” was used as a platform to subscribe for the purchase of the shares which contributed largely to the success of the IPO.

It is the first time that MoMo has been used to buy shares for any IPO in any part of the world. One hundred and eight thousand, four hundred and thirty four (108,434) of the applicants subscribed through MTN MoMo portal representing 84.6 per cent of the total number of applicants.

However, he entreated all applicants who have received notifications to update their Identification Documentation (IDs) to visit any MTN Ghana office to update their IDs in order to be able to trade their shares from the first day of trading.

Adding that all successful applicants who did not provide details of their CSD accounts will have the accounts created for them and credited with their share purchases.

“By 5.00pm on September 4th 2018, all the successful applicants will be allotted the shares they applied for through a Central Securities Depository (CSD) accounts accredited with their allotment,” he added.

By:Isaac Kofi Dzokpo/newsghana.com.gh

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