120,359 investors get MTN incentive shares

Telecommunication company, MTN Nigeria, has completed the allotment of over 3.9 million incentive shares to 120,359 qualified shareholders.

According to a corporate notice signed by the Company Secretary, Ufo Ukpanat, on Wednesday, 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 & Exchange Commission cleared the offer allotment.

The offer included an incentive of one ordinary share for every 20 ordinary shares purchased.

The shareholders who qualified for the incentive shares are those who purchased and were allotted at least 20 ordinary shares in the offer; held some or all the shares allotted at the offer as of the qualification date, 31 January 2023 but subject to holding at least 20 ordinary shares; and those whose names appeared in the register of members at the qualification date.

Consequently, 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 of MTN Nigeria.