More apply for MTN's IPO through MoMo

BY: Kwadwo Baffoe Donkor

MTN Ghana has announced that it has received favourable response from the public since the launch of its Initial Public Offer (IPO) on May 29, 2018.

The IPO is help the company cede part of its shares to the public.

Launching the IPO in Kumasi, the company said it received more than 8,000 applications from the public within 72 hours after the launch in Accra.

The applications were received mainly from applicants using the Mobile Money (MoMo) platform to access the offer.

The Chief Financial Officer (CFO) of MTN, Mr Modupe Kadri said the MoMo was one of the easiest way of buying shares from the company and urged all subscribers to use the medium to apply for the shares in the ongoing offer to be part of the success of the company.

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He said it was the first time in the world that shares were being bought using the mobile money platform.

According to him, for the past two decades that the country has been operating in the country, it has contributed significantly to the development of the country and was one of the highest taxpayers.

In all, the company is offering a little over 4.637 billion shares at a cost of GHC0.75 per share to the public which would enable the company to list of the Ghanaian bourse.

Mr Kadri said the process to list on the Ghana Stock Exchange formed part of the requirement of acquiring the 4G spectrum.

He explained that the requirements demanded that the company listed on the bourse and float some of its shares on the Ghanaian market.

He said it was in fulfilment of that requirement that the company decided to float 35 per cent of its shares and to allow Ghanaian investors to invest in the company and together grow it from its current level to a step higher.

The Bantamahene, Baffour Owusu Asare Amankwatiah VI, who represented the Asantehene, Otumfuo Osei Tutu II at the launch commended MTN for being the leading telecommunication company in the country to allow Ghanaians to own part of the business.

He said the performance of the company over the years has shown that it was a good business for one to invest in and urged all, especially Asanteman to subscribe to the offer and own shares in the company.

He further urged the company to come out with more innovations to make life easier for Ghanaians.

According to him, the Mobile Money platform was one of the best innovations of the company so far and has come to save Ghanaians lots of time particularly time that would be used to access financial services from the banks.