Home / News / Business / MTN to offload 35% shares

MTN to offload 35% shares

[ad_1]

The Ghana Stock Exchange (GSE) has confirmed that telecom giant, MTN will be launching a 35% Initial Public Offering (IPO) on the Exchange by end of 2018.

The move will be geared at selling 35% stake in the company to the public.

It is part of the requirement from the National Communication Authority (NCA) before awarding the 4G spectrum to the network in 2015.

Speaking at a the Exchange’s quarterly briefing Tuesday, February 13, 2018, the Deputy Managing Director of GSE, Ekow Afedzie said the offer document for the IPO has been presented to the Ghana Stock Exchange for perusal, adding that, very soon the company will be launching its IPO.

The Managing Director for the GSE, Kofi Yamoh told Starr Business’ Osei Owusu Amankwaah that, “MTN’s listing among others will give 2018 a better performance than 2017.”

MTN Ghana spent $67.5million to acquire the 4G spectrum license for the next 15 years.

The telecoms company is hoping to raise about $500 million in order to offload 35 percent of its business in Ghana to locals.

If the listing on the stock exchange is successful, MTN Ghana would be exempted from the capital market local content policy which enjoins companies operating in specific areas including telecom, mining, oil and gas to list a minimum percentage of their shares on the Ghana Stock Exchange within 5 years of commencement of operations in Ghana.

 

Source: Ghana/Starrfmonline.com/103.5FM/Osei Owusu Amankwaah

[ad_2]
starrfmonline

Check Also

King Promise gets philanthropic on vals day

[ad_1] Award winning singer and performer, Gregory Promise Bortey Newman, with stage name ‘King Promise’ …