By Itohan Abara-Laserian

MTN Nigeria Commnuciations Plc (MTNN) has obtained the approval of the Securities and Exchange Commission (SEC) for the offer for sale of up to 575 million ordinary shares in MTNN held by the MTN Group.

This is contained in a notice signed by the MTNN Company Secretary, Uto Ukpanah, posted on the website of the Nigerian Exchange (NGX) Ltd. on Tuesday in Lagos.

As previously communicated, the offer will be by way of bookbuild to institutional investors (institutional offer), and subsequently, a fixed price to retail investors (retail offer).

“The institutional offer opens today at 12.00 noon, Nov. 23, and closes at 2:00 p.m., on Nov. 26, after which a fixed price will be determined for the retail offer.

“The retail offer is proposed to open after the institutional offer and an announcement will be published in the regard once clearance is obtained from SEC,” it said.

(NAN)