MTN Nigeria Plc’s shares dropped to N171 as the company opened a portal for Nigerians to purchase its shares.
MTN’s share price reveals a fall from N190 to N171 representing a 10 per cent decline as at 2:30pm.
In the last 52 weeks, data analysed shows that MTN share price fell from N209.9 per share to N171 per share.
Its lowest price in the last 52 weeks was N155 per share, which is on December 1, 2020.
The development comes after the operator commenced the offering of 575 million shares to the investors at N169 per share.
The offer by the mobile network operator is valued at N92.6bn.
MTN Group said the decision to sell shares is part of its commitment to reduce its shareholding in MTN Nigeria from 78.8 per cent to 65 per cent.
The share offer is the first to be delivered via a digital platform to allow Nigerian investors participate.
MTN said shares will open at 8.00 am on 1 December 2021 and close at 5:00 pm on 14 December 2021.
Applicants must apply for a minimum of 20 shares and multiples of 20 shares thereafter.
MTN said it is giving incentive in the form of 1 free share for every 20 shares purchased, subject to a maximum of 250 free shares per investor.
“The incentive is open to retail investors who buy and hold the shares allotted to them for at least 12 months post the allotment date,” MTN said,