The largest telecom operator, MTN, has launched an Initial Public Offer aimed at raising 3.47 billion cedis from shares. Every Ghanaian has the opportunity to own shares in the company. Priced at GHC 0.75 per share, they must be purchased in multiples of 10, with a minimum subscription of GHC 7.50 which is the cost of 10 shares.
The shares can be bought through mobile money by dialling *170# and selecting option 7; through the MTN website by entering the URL mtnghanashares.com, or by buying through selected MTN Ghana branches, IC Securities (Ghana) Ltd, any of MTN’s selected banks or any licensed stock broker of the Ghana Stock Exchange. The offer is for two months, starting at 12.00noon on Wednesday 29th to 31st July, 2018.
The Vice President of South and East Africa and also the CEO of MTN Ghana, Mr Ebenezer Twum-Asante, noted that MTN’s listing of shares was in fulfillment of a requirement by the Regulator when it was given the right to use a 4G spectrum that can carry high speed mobile data for customers.
With a subscriber base of 17.8 million, representing 47.6% market share, Mr Twum-Asante estimated that MTN was directly and indirectly responsible for about half a million sustainable jobs. He said that the company was also contributing its quota to the development agenda of the country. In 2017, he said, MTN paid GHC 1,218 billion as taxes to government.
Mr Twum-Asante said that as the first step in providing digital solutions, the business division of MTN had rolled out fibre to over 14,000 homes within one year.
He said that MTN had 11.6 registered wallets and a 93.9% market share of mobile money float. He said that checks from GSMA confirmed that this is the first time in Africa or the world over that mobile money will be used to buy shares in an IPO and susequently trade them.
The launch of the IPO was performed by the Minister of Finance, Mr Ken Ofori-Atta and the CEO of MTN Ghana, Mr Ebenezer Twum-Asante.