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Home Business News

MTN Ghana listing sparks activities on the Ghanaian Stock Exchange 

Onome Ohwovoriole by Onome Ohwovoriole
September 6, 2018
in Business News, Company News, Spotlight
MTN Group Chairman Phuthuma Nhleko, MTN responds to Board change rumours, Bloomberg report, Public Investment Corporation, Funso Aina, MTN, Public Investment Corporation

MTN Logo

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Activities on the Ghanaian Stock Exchange (GSE) may witness as an uptick soon as MTN Ghana shares began trading on the bourse yesterday. The firm is the first telco to be listed. It also broke records as the largest  Initial Public Offer on the exchange, and the first which investors subscribed for using mobile money.

Listing on the GSE was part of the conditions the company agreed to in 2015 when it obtained a 4G license.

Details of the offer

A total of 128,152 investors participated, comprising 127,653 retail investors and 499 institutional investors.

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1.1 billion cedis was raised, much lower than anticipated but nearly three times larger than the 326 million cedis Agricultural Development Bank Limited (the biggest IPO on the GSE prior to MTN) raised in December 2016.

Uncertainty surrounds Nigerian listing  

While operators in the Ghanaian market are in a swell mood, the company’s recent troubles in Nigeria could lead to a delay of a planned Initial Public Offer (IPO) on the Nigerian Stock Exchange (NSE).

The company was this week slammed with a $2 billion back taxes by the Attorney General of the Federation (AGF) Abubakar Malami.

Prior to that, it had been ordered to return $8.1 billion that it had repatriated over the last ten years. The company has, however, restated its commitment to operating in Nigeria.

MTN Nigeria was fined $5.2 billion in 2015 by the Nigerian Communications Commission (NCC) for failing to disconnect unregistered subscribers after the stipulated deadline date.

After diplomatic intervention by the then South African President, Jacob Zuma, the fine was reduced to $1 billion, payable in tranches. In addition, MTN was required to list on the NSE and tender an apology to the Nigerian Government.


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Tags: Abubakar MalamiGhana Stock ExchangeMTN GhanaNigerian Stock Exchange
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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