MTN Shares Ghana
1.1 Legal Basis and Reasons for the Transaction
1.1.1 Legal Basis
The Offer and Listing was approved by the MTN Ghana Board at its meeting on 31 October 2017. The Existing Shareholders also approved the Offer by a written resolution dated 01 March 2022.
1.1.2 Reasons for the Offer
In November 2015, MTN Ghana successfully bid for the Licence from the NCA, which took effect from 21 June 2016 and is valid for a renewable period of 15 years.
The Licence was awarded on condition that MTN Ghana achieve 35% Ghanaian ownership by 30 June 2022 provided that the Listing of the MTN Ghana Shares on the GSE would satisfy this condition.
Pursuant to this and consistent with the MTN Ghana philosophy of making provision for substantial local stakeholder participation, MTN Ghana is making a public offering of up to 35% of its equity through the Offer and the Listing. This is in line with the vision of enabling Ghanaians to own part of and share in the success of the Company and is also pursuant to the condition of the Licence.
The Licence, which allows MTN Ghana to offer 4G LTE mobile internet services to its customers, holds extensive benefits to its customers and is expected to improve the Company’s ability to offer its customers a high-speed data network and advance its competitive position in the market.
1.2 Use of the Proceeds
The Offer is expected to raise a total of up to GHS 3,478,045,900 through the issue and sale of the Offer Shares. The proceeds shall be utilised as follows:
Expected Use of Funds
Amount in GHS
Payment to the Selling Shareholder for the Sale
Payment of dividends to the Existing Shareholders
– Cost to be borne by selling shareholder
– Cost to be borne by MTN Ghana