Friday, August 31,2018 11:23 AM / MTN Ghana

ScancomPlc (“MTN Ghana”) announces the successful completion of its Initial PublicOffer (the “Offer” or the "IPO"). 

ThisTransaction serves as the centerpiece of MTN Ghana’s localization effort anddemonstrates its long term commitment to Ghana. By raising GHS 1,146,589,464.75from  128,152 applicants the Offer makes history as the largest primaryshare offer in the history of the Ghana Stock Exchange and enables manyGhanaians from all walks of life to own a share in one of Ghana’s largest, mostvisible and well respected companies. 

TheOffer period ran from 29 May 2018 to 31 July 2018 with investor demandexceeding the minimum (GHS 347,804,590) required to be raised for the Offer tobe declared successful.

TheOffer consisted of:

a)a public offer of up to 4,637,394,533 ordinary shares of MTN Ghana valued atGHS 3,478,045,900 at an Offer Price of GHS 0.75 per share (the “Offer Shares”),representing up to 35% of the issued shares of MTN Ghana after the offer, toQualifying Applicants (as defined in the Prospectus); and

b)a listing of all the Offer Shares and the already issued 10,760,000,000ordinary shares of MTN Ghana (the “Existing Shares”) (the Offer Shares and theExisting Shares, together, the “MTN Ghana Shares”) on the GSE (the“Listing”), 

(theOffer and the Listing, together, the “Transaction”).

ICSecurities (Ghana) Limited (“IC Securities”) acted as Financial Adviser andSponsoring Broker to MTN Ghana in respect of the Transaction.

TheOffer raised GHS 1,146,589,464.75, representing 32.97% of the total offeramount. 

Pleasesee below the Offer statistics by investor type (Retail and Institutional):

108,434applicants subscribed through the MTN Mobile Money portal representing 84.6% ofthe number of applicants.

MTNGhana is satisfied that:

• of the 128,152 applicants, 127,826 were Ghanaians; and 
• of the GHS 1,146,589,464.75 raised under the Offer, GHS 443,631,446.25, representing 38.69%, was raised from Ghanaians.

Thetable below shows the breakdown of Ghanaian investors to foreign investors:

Allsuccessful applicants will be allotted all the shares they applied for.Applicants with Central Securities Depository (“CSD”) accounts will have theirCSD accounts credited with their allotment by 04 September, 2018 by 5:00pm.

ICSecurities will create CSD accounts for successful applicants who did notprovide details of their CSD accounts as part of their application, and theirrespective allotments will be credited to the respective CSD account createdfor them.

Anumber of applicants who applied for shares have received notifications toupdate their identification documentation (“IDs”). Applicants who have receivedsuch notifications should visit any MTN Ghana Service Centre with updated IDsas a matter of urgency. As a result of KYC considerations these applicants willhave to update their IDs in order to be able to trade their shares from thefirst day of trading. Per the Offer prospectus, an appropriate ID is a validnational passport; a driver’s license; a national ID; a national healthinsurance ID or a voter’s ID. Until applicants have updated their informationand ID cards, their shares will be held in a nominee account at the CSD. Afterthe applicants have updated their IDs, their shares will be transferred fromthe nominee account to their account.

Thefirst day of trading of the MTN Ghana shares is expected to be 05 September2018.

Shareholderswill be able to monitor and trade their MTN Ghana shares by contacting alicensed dealing member of the Ghana Stock Exchange.

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