Telecommunications giant MTN is expected to do a public offer to issue 35 percent of its shares to the Ghanaian public by the end of the first quarter of 2018.
MTN commenced moves to list on the Ghana Stock Exchange, GSE, in 2016, as part of conditions under which it secured the 4G license in late 2015.
It was expected to finalize processes to float shares on the GSE by 2017.
In an exclusive interview with JoyBusiness, Managing Director of the Ghana Stock Exchange, Kofi Yamoah indicated that the company has submitted all the necessary documents and awaiting approval from the regulatory bodies before going public.
He said, “They’ve submitted the necessary documents to the GSE for review. We believe that at the end of the first quarter, we’ll see the public offer for that entity taking off.”
Mr Yamoah described the move as one of the significant activities to occur before the end of the first quarter of 2018.
Last year, the CEO of MTN Ghana, Ebenezer Asante, explained that the move to sell part of the company’s shares to Ghanaians is part of the localization that came with the 4G license.
“It’s very clear from the license that 35% of MTN should be moved into Ghanaian hands and since we required the license we have engaged the regulators both in the NCA as well as the Central Bank and also with the Securities and Exchange Commission,” he said.
This is said to impact positively on trading in the Ghanaian market.
In all 42 corporate notes and bonds were listed on the Ghana Stock Exchange with a value of Ghc6709 million by the end of December 2017 as against 23 with a value of Ghc444 million in 2016.
Launched in 1994, the MTN Group is a leading emerging market operator, connecting subscribers in 22 countries in Africa, Asia and the Middle East.
The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: “MTN.” As of 30 June 2013, MTN recorded 201.5 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Cote d’Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo Brazzaville), Rwanda, South Africa, Sudan, South Sudan, Swaziland, Syria, Uganda, Yemen and Zambia.
Source: African Markets