MTN Nigeria Allots Incentives Shares to 120,359 Investors

MTN Nigeria Plc said it has completed the allotment of over 3.9 million incentive shares to 120,359 qualified shareholders, according to a regulatory filing. In a statement submitted to the Nigerian Exchange (NGX) signed by the Company Secretary, Ufo Ukpanah, the incentive offer became effective on January 31, 2023.

The notice revealed that the offer was made in December 2021 but completed on January 31, 2022, the date on which the Securities and Exchange Commission cleared the offer allotment.

The offer included an incentive of one ordinary share for every 20 ordinary shares purchased, already credited to Central Securities Clearing System (CSCS) from shares held by MTN International (Mauritius)

The shareholders who qualified for the incentive shares are those who purchased and were allotted at least 20 ordinary shares in the offer; according to MTN Nigeria.

The company explained that these investors also held some or all the shares allotted at the offer as of the qualification date, 31 January 2023 but were subject to holding at least 20 ordinary shares.

The incentive shares were allotted to those whose names appeared in the register of members at the qualification date, the statement indicates. MTN Nigeria said 120,359 investors, representing 94.77 per cent of those who participated in the offer qualified to receive the incentive shares totalling 3,977,418 ordinary shares.