MTN Nigeria, a leading telecommunication company, has expended over 3.9 million incentive shares to 120,359 qualified shareholders. The offer included an incentive of one ordinary share for every 20 ordinary shares purchased, subject to a maximum of 250 shares, a decision taken to enhance retail participation.
On Wednesday, a corporate notice signed by Ufo Ukpanat, the company’s secretary, disclosed that the incentive offer proposed in December 2021 became effective on January 31, 2023, when Nigeria’s Securities and Exchange Commission cleared the offer allotment.
The shareholders eligible for the incentive shares are those who bought and received at least 20 ordinary shares through the offer and owned some or all of the shares received through the offer as of the qualification date -January 31, 2023- provided they had their names listed in the membership register on that date.
The offer was 139.5 per cent subscribed, prompting roughly 665.2 million shares to be allotted in all.
“120,359 investors, representing 94.77% of those who participated in the Offer, qualified to receive the Incentive Shares totaling 3,977,418 ordinary shares of MTN Nigeria,” the company said in a note posted on the Nigerian Exchange’s website Wednesday.
“The Incentive Shares have been credited to their Central Securities Clearing System (CSCS) accounts from the shares held by MTN International (Mauritius) Limited, in line with our ambition of creating shared value for our shareholders,” the company added.
According to its audited earnings report, 26.7 per cent up from a year earlier, MTN Nigeria’s shareholders’ fund totalled N335.7 billion as of the end of 2022.
Read More; MTN Nigeria plans to sell off shares worth 101 billion naira to pay off debts.
Advantages of owning MTN shares
In 2021, MTN Nigeria announced a public offer to sell up to 575 million shares to retail investors in Nigeria. This offer was priced at N169.00 per share with a minimum subscription of 20 shares and lots of 20 shares thereafter.
The share offer opened at 8:00 am on the 1st of December 2021 and closed at 5:00 pm on the 14th of December 2021.
One of the advantages of purchasing stock with this company is that you may hold it as a long-term investment because the telecommunication company has no intention of leaving Nigeria. MTN Nigeria also has a strong growth history, offering shareholders solid dividends.
Shareholders can do Real-time dealing during trading days with limited orders available when the markets are closed. You can make money from shares through the company’s dividends and share price growth and selling your share profitably.
Read More; MTN Nigeria Registers 20.4m Shares with the SEC, Plans Investor Meeting in May
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