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MTN Ghana gets approval to buy back shares

MTN Ghana says this has become necessary because some applicants failed to provide sufficient personal information to complete the process

MTN Ghana, has received approval from the Securities and Exchange Commission (SEC) to buy back over one million shares of applicants, who failed to provide sufficient personal information to complete their Know Your Customer (KYC) requirements under the Company’s Initial Public Offer (IPO).

MTN Ghana at an extraordinary general meeting (EGM) held on Thursday 3 December 2020, gave the Company the approval to buy back shares of applicants with incomplete personal information at the IPO price of GHC 0.75.

A statement issued in Accra by Robert Kuzoe, Acting Corporate Services Executive of MTN, said with the approval, all such applicants would receive a refund of their initial purchasing money and dividends accrued since the IPO.

Final appeal

It said applicants, who did not provide sufficient KYC information could check the status of their account by visiting www.mtnghanashares.com to update their records and upload a copy of their valid ID card.

The statement said before the buyback commences, MTN Ghana was making a final appeal to shareholders to take advantage of the notice period to complete all outstanding account information.

The notice period ends on 23 February 2021.

MTN in May 2018 launched its initial public offer (IPO) in a bid to cede 35% of the company’s value to Ghanaians in fulfilment to acquiring a 4G license.

The company was hoping to raise about GHC3.478 billion from the exercise and to possibly list on the Ghana Stock Exchange (GSE).

On 20 April 2018, MTN Ghana received all required regulatory approvals from the National Communications Authority (NCA) and the Ghana Stock Exchange (GSE) to proceed with the IPO.

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Source
Ghana News Agency
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