MTN to list on Stock Market Tuesday

Ghanaians can from tomorrow, Tuesday, May 29, own shares of telecom giant MTN.

This is because the telecom leader is ceding off 35 percent of its stake, through an Initial Public Offer, on the Ghana Stock Exchange.

The move is part of the requirement by the National Communication Authority for acquiring a 4G spectrum.

The move will make MTN the first telecom firm to list on the Ghana Stock Exchange.

Meanwhile, active MTN Mobile money subscribers in Ghana have increased to 7,4 million and there are 6,6 million active data subscribers.

MTN Group president and CEO, Rob Shuter, has revealed that the company has received all required regulatory approvals to proceed with its upcoming initial public offering (IPO) on the Ghana Stock Exchange in late May.

He said: “In Nigeria and Ghana we made good progress on the IPO processes, which we aim to conclude during 2018. To this end, we will be releasing full financial results for MTN Nigeria on 7 May 2018. On 20 April 2018, we received all required regulatory approvals to proceed with the IPO in Ghana, which we expect to launch in late May 2018”.

In March, Bloomberg reported that MTN Ghana had lifted its target for the IPO by more than a half to 3.48 billion cedis ($787 million), according to two people familiar with the matter.