MTN to Allot Incentive Shares to Shareholders
MTN Nigeria Communications Plc has told the Nigerian Exchange Limited of its plans to allot incentive shares to investors who purchase its Initial Public Offering (IPO) completed in January 2022 and met the conditions entitling them to additional shares.
In a statement signed by Uto Ukpanah, MTN Nigeria Company’s secretary, the terms of the offer included an incentive of one ordinary share for every 20 ordinary shares purchased and allotted up to a maximum of 250 ordinary shares.
In 2022, the telecom company sold 575 million ordinary shares then held by MTN International (Mauritius) Limited but ended up allotting 661.3 million to retail and institutional investors.
He noted that eligible shareholders must hold a portion or all of the shares allotted to them from the offer as of 31 January 2023 (the qualification date) subject to holding a minimum of 20 ordinary shares.
According to him, shareholders must have their names appear in the company’s register of members on the qualification date.
“Qualified shareholders will have their incentive shares credited to their CSCS accounts after the qualification date and obtaining the requisite regulatory approvals,” the statement reads.# MTN to Allot Incentive Shares to Shareholders