MTN Nigeria Plc on Tuesday launched an equity Book building to qualified investors, the telecom company informed the investing public and the Nigerian Exchange in a statement.
The action was ahead of its offer to retail investors.
According to the statement, MTN Nigeria hinted that the company has now obtained the approval of the Securities and Exchange Commission (SEC) for the offer for sale of up to 575 million ordinary shares in MTNN held by the MTN Group.
MTN Group had announced the decision to sell down a 14% equity stake in the largest telecommunication company in Nigeria where it holds more than 76%.
The telecom company told Nigerian Exchange and Investing public that the institutional offer opens today and is expected to close on Friday after which a fixed price will be determined for the retail offer.
The book building is the process by which an underwriter determines which share should be sold to retail investors.
Source: dmarketforces.com
