Just In: MTN To Boost Stock Market Liquidity By N375 Billion

MTN To Boost Stock Market Liquidity 

MTN Group is set to boost the stock market liquidity by N375 billion as its offers Nigerians the opportunity to own shares.

The move by the MTN Group to offer 14 per cent of its 78.8 percent shares in MTN Nigeria to Nigerians will boost its stock market liquidity by N375bn, analysis of data has shown. PUNCH has reported.

The company recently said through its Group President and Chief Executive Officer, Ralph Mupita, that the group planned to sell14 per cent of MTN Nigeria to Nigerian investors.

Mupita had said, “MTN Nigeria, in which MTN Group has a 78.8 per cent stake, sought to have the largest retail shareholder base on the Nigerian Stock Exchange, where it has a market capitalisation of N3.4tn ($8.2bn).”

Also, speaking on CNBC AFRICA, CEO, MTN Nigeria, Karl Toriola, said, “In the short-medium term, MTN Group would like to sell about 14 per cent of its stake in MTN Nigeria, with the focus primarily on retail investors.

“Our plan is to have the largest base of Nigerian retail investors. We are hoping for a number and without committing to the market precisely because it depends on the uptake but we think there is significant enactment about this.

“Our plan is to have about two million retail investors, and make it the most widely held company on the stock exchange.

“We are hoping to move forward with that in the short to medium term; we are very excited about the participation of Nigerians in the value creation in MTN and in the industry.”