MTN Nigeria Communications Plc is on track to allot incentive shares to investors who partook in its initial public offering completed last January and met the conditions entitling them to additional shares, the telecom company said in a statement Saturday.
The local unit of Johannesburg-based MTN Group Limited concluded its first public shares sale a year ago, an offer 139.5 per cent oversubscribed necessitating allocation of extra 86.3 million shares.
It had set out to sell 575 million ordinary shares then held by MTN International (Mauritius) Limited but ended up allotting 661.3 million to retail and institutional investors, the latter category of investors comprising pension funds, asset managers, insurance firms, corporates and foreign portfolio investors who participated in the bookbuild.
