Barely two weeks after its listing on the Ghana Stock Exchange (GSE) to pave way for trading of shares, MTN Ghana (MTNGH) Limited, a leading telecommunication company has displayed understanding on why the target of over $750m was not met talk less of over-subscription.
Its shares will trade under the symbol ‘MTNGH’ at the GSE.
Besides, Nigerian market watchers say if MTN hits the market, there are chances of oversubscription of its shares considering the industry dominance shares over the years even though the company is currently made to be biting more than it can contain in its mouth.
Whereas the listing makes MTN Ghana Ltd the first telecommunication company to list on the GSE and has enabled many Ghanaians across the country and from all walks of life to participate in the offer, the Deputy Managing Director of the GSE, Mr. Ekow Afedzie, agreed that the offer was the largest Initial Public Offer (IPO) to be raised in the history of the GSE.
Being the first time subscribers paid for shares via a mobile application during an IPO, MTN realised over GH¢1.1 billion (about $237m) from its initial public offering, which ran from May 29 to July 31.
According to GSE, “MTN Ghana had shown that it was possible to make Ghana a financial hub in Africa and had set the pace for other telecom industries to follow”.
Ghana News Agency reports that Afedzie hailed MTN for offloading portions of its shares to the public and urged the Management to abide by the rules of the Exchange and stick to its dividend policy.
GSE was quick to reveal that it would take advantage of the mobile technology to introduce mobile trading of securities as demonstrated by MTN, when it allowed the public to purchase shares through the MTN Mobile Money portal.
Explaining more to Business Hilights Ghana Bureau chief in Accra on the successful listing, the Chief Executive of MTN Ghana Ltd, Mr. Selorm Adadevoh averred that the company’s story had always been a story of great accomplishments due to the collaboration it had been enjoying from all the people with interest in the business.
In his words, “We at MTN are very excited at successful completion of this IPO and we celebrate all the records we have set.”
