MTN Ghana in USD750mn largest ever tele­coms IPO....

Zambian Business Times - - FRONT PAGE -

MTN Ghana launched and Ini­tial Pub­lic Of­fer­ing to­day, of­fer­ing for a 35% stake in its Ghana unit, which it hopes will raise $USD743mil­lion.

The group will float shares on the lo­cal stock ex­change un­der an agree­ment with Ghana­ian au­thor­i­ties for ac­cess to 4G spec­trum li­cence in the 800MHz band, which was granted to it in late 2015. In terms of that deal, MTN must sell up to 35% of its shares.

MTN will sell about 4.63bil­lion shares in MTN Ghana at GHS0.75 per share, in what is ex­pected to be the West African coun­try’s largest IPO.

“The min­i­mum amount to be raised for the of­fer to be deemed suc­cess­ful and for the list­ing to pro­ceed is ap­prox­i­mately GHS0.35bn, which rep­re­sents ap­prox­i­mately 10% of the to­tal of­fer size. Given the ob­jec­tive of tar­get­ing a broad base of Ghana­ian in­vestors, al­lo­ca­tion to non- Ghana­ian in­vestors is to be re­stricted to 5% of the is­sued shares of MTN Ghana.”, the group said.

Bro­ker­age firm IC Se­cu­ri­ties is lead ad­viser for the trans­ac­tion. If suc­cess­ful, MTN Ghana will be the most valu­able com­pany and the first mo­bile op­er­a­tor to be listed on the Ghana Stock Ex­change - GSE.

MTN is the lead­ing mo­bile op­er­a­tor in Ghana with 17.8mil­lion voice sub­scribers as of Septem­ber, ahead of AirtelTigo, Voda­fone and Nige­ria’s Globa­com.

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