Home Business MTN Ghana Ltd IPOs For Ghs 3.48 Billion Today

MTN Ghana Ltd IPOs For Ghs 3.48 Billion Today

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MTN Ghana Limited subsidiary of the MTN Group lifted its target for an upcoming initial public offering by more than a half to 3.48 Billion Ghana cedis ($787 million).

The offer is expected to end on July 31 and possibly list on the Ghana Stock Exchange on September 5, 2018. MTN is hoping to sell each share at GHp75 by issuing 4.6 billion shares.

Pala Asiedu-Ofori, a spokeswoman for MTN in the Ghanaian capital, Accra, didn’t answer calls or immediately respond to text messages seeking comment. A spokesman for MTN Group in Johannesburg declined to comment when contacted by phone.

If successful, the share sale will exceed by more than 10 times the Ghana Stock Exchange’s previous biggest IPO, when Agricultural Development Bank Ltd. raised 326 million cedis in December 2016. MTN is listing the stake to meet conditions agreed to in 2015, when it acquired the right to use spectrum that can carry high-speed mobile data for customers.

Source : Bloomberg

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