MTN Group’s unit in Ghana raised 1.1 billion cedis ($236 million), selling about a third of the shares made available in an initial public offering, according to a document seen by Bloomberg.
MTN, Africa’s biggest mobile-phone company by subscribers, sold 1.5 billion securities of the initial agreed 4.6 billion shares at 75 pesewas each when it offered a 35 per cent stake in the unit in May, Guardian newspaper reported.
Accordingly, the shares will be listed on the Ghana Stock Exchange, with trading due to start September 5, as contained in the sale’s prospectus.
Regrettably, Africa’s biggest mobile-phone company by subscribers has failed to fulfil the regulatory requirement that will enable it to list the Nigerian unit, estimated at $5.23 billion on the Nigerian Stock Exchange (NSE), as earlier promised by the Group.
The Securities and Exchange Commission (SEC) had in a recent press briefing, in Lagos, stated that neither MTN Nigeria Limited nor any of its advisers or representatives has filed any application on the IPO with the commission.
The telecommunications giant, had in July 2016, announced that its board has resolved to proceed with preparations for a listing of its shares on the Nigerian Stock Exchange (NSE).
The mobile operator said the IPO will go ahead “as soon as commercially and legally possible”, and that it had established a management task team with the responsibility to guide the company towards the listing.
According to pre-IPO documents seen by an international online news platform, MTN was to list its Nigerian unit worth $5.23 billion by July 2017.
It plans to raise at least $400 million from the IPO to pay preference shareholders and go on a roadshow between May and June.