MTN Nigeria Communications Plc, a leading provider of communications services on Thursday informed the Nigerian Exchange (NGX) that the MTN Group Limited intended to proceed with a public offer for sale of up to 575 million shares in MTN Nigeria by way of a bookbuild to institutional investors and fixed price to retail investors

Newsbeatng reports that a notice at the NGX said the offer is anticipated to open in November 2021 with a bookbuild to institutional investors, after which a fixed price is expected to be announced for retail investors also in November 2021. The offer is expected to close in December 2021.

“This is the first step in MTN Group’s previously communicated statement of intent to sell down approximately 14% of its current shareholder holding in MTN Nigeria,” the note said.