Ghana Business News-Scancom Plc (“MTN Ghana”) has announced the successful completion of its Initial Public Offer (IPO).
This Transaction serves as the centerpiece of MTN Ghana’s localization effort and demonstrates
its long term commitment to Ghana. By raising GHS 1,146,589,464.75 from 128,152 applicants
the Offer makes history as the largest primary share offer in the history of the Ghana Stock
Exchange and enables many Ghanaians from all walks of life to own a share in one of Ghana’s
largest, most visible and well respected companies.
The Offer period ran from 29 May 2018 to 31 July 2018 with investor demand exceeding the
minimum (GHS 347,804,590) required to be raised for the Offer to be declared successful.
The Offer consisted of:
- a) a public offer of up to 4,637,394,533 ordinary shares of MTN Ghana valued at GHS
3,478,045,900 at an Offer Price of GHS 0.75 per share (the “Offer Shares”), representing
up to 35% of the issued shares of MTN Ghana after the offer, to Qualifying Applicants (as
defined in the Prospectus); and
- b) a listing of all the Offer Shares and the already issued 10,760,000,000 ordinary shares of
MTN Ghana (the “Existing Shares”) (the Offer Shares and the Existing Shares, together,
the “MTN Ghana Shares”) on the GSE (the “Listing”),
(the Offer and the Listing, together, the “Transaction”).
IC Securities (Ghana) Limited (“IC Securities”) acted as Financial Adviser and Sponsoring Broker to MTN Ghana in respect of the Transaction.
The Offer raised GHS 1,146,589,464.75, represeesenting 32.97% of the total offer amount.
108,434 applicants subscribed through the MTN Mobile Money portal representing 84.6% of the
number of applicants.
MTN Ghana is satisfied that:
of the 128,152 applicants, 127,826 were Ghanaians; and
of the GHS 1,146,589,464.75 raised under the Offer, GHS 443,631,446.25, representing
38.69%, was raised from Ghanaians.
The table below shows the breakdown of Ghanaian investors to foreign investors:
All successful applicants will be allotted all the shares they applied for. Applicants with Central
Securities Depository (“CSD”) accounts will have their CSD accounts credited with their allotment by 04 September, 2018 by 5:00pm.
IC Securities will create CSD accounts for successful applicants who did not provide details of
their CSD accounts as part of their application, and their respective allotments will be credited to the respective CSD account created for them.
A number of applicants who applied for shares have received notifications to update their identification documentation (“IDs”). Applicants who have received such notifications should visit any MTN Ghana Service Centre with updated IDs as a matter of urgency. As a result of KYC considerations these applicants will have to update their IDs in order to be able to trade theirshares from the first day of trading.
Per the Offer prospectus, an appropriate ID is a valid national passport; a driver’s license; a national ID; a national health insurance ID or a voter’s ID. Until applicants have updated their information and ID cards, their shares will be held in a nominee account at the CSD. After the applicants have updated their IDs, their shares will be transferred from the nominee account to their account.
The first day of trading of the MTN Ghana shares is expected to be 05 September 2018.
Shareholders will be able to monitor and trade their MTN Ghana shares by contacting a licensed dealing member of the Ghana Stock Exchange.
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