Yello! MTN Nigeria to list additional 575M shares for sale 🟡
The management of MTN Nigeria (NGX: MTNN) has announced the decision to issue 575 million shares for sales through a public offer.
The management of MTN Nigeria (NGX: MTNN) has announced the decision to issue 575 million shares for sales through a public offer. This move has been described as a strategy to increase retail ownership in the firm.
The telecoms giant listed on NGX in 2019 through a direct introduction, meaning there were no newly issued shares. This decision comes shortly after the Central Bank of Nigeria (CBN) approved a Payment Service Bank (PSB) license for MTN in principle. CBN’s PSB license would help drive the numbers in MTN’s fintech and digital revenue business.
Other business growth initiatives being pursued by the #1 telecommunications service provider is accelerating the expansion of 4G coverage and achieving full rural connectivity, so you can keep saying, “it’s truly everywhere I go”
Investment outfits have been bullish about this move for retail investors – Afrinvest issued a “BUY” rating with an upside potential of 19.7% in the company’s share price.
TL;DR: MTN Nigeria will list 575 million shares for sale in a move targeted at increasing retail ownership in the firm. Based on the strong fundamentals the business has and the growth potentials owing to the PSB license, the stock is considered a “STRONG BUY”
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