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MTN to buy back over one million shares

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

MTN Ghana is to hold an extraordinary general meeting on 3 December to seek approval for the buyback of one million shares from applicants.

It follows the failure by the applicants to provide sufficient personal information to complete their “know your customer requirement” as required under the company’s initial public offer (IPO) and in accordance with a directive from the Securities and Exchange Commission (SEC).

MTN announced the move in a statement signed by its Secretary Pala Asiedu Ofori and copied to the Ghana Stock Exchange on Thursday (12 November).

The statement said “Notice is hereby given that the Extraordinary General Meeting of Scancom Plc (MTN Ghana or “the Company”) will be held virtually and streamed live from the company’s Head Office of MTN House ‘Independence Avenue, Accra on the 3rd of December 2020 at 11 am for the consideration of the following:

“1 to authorize the implementation of an employee share scheme by the way of an employee share option plan (ESOP) for level 1, level 2 employees of the company and direct contract employee of the company,

“2. to authorize the implementation of an employee share scheme by way of performance share plan for levels 3, 3H 4 and 5 employees of the company.”

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.

Fred Dzakpata

Asaase Radio 99.5 – tune in or log on to broadcasts online.

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