MTN investors anxious over undisclosed IPO results

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The telecom company concluded its IPO in July 2018 and it is expected to list the proceeds on the Ghana Stock Exchange by September 2018.

MTN seeks to raise 3.47 billion cedis from the investing public through its Initial Public Offering.

Per the calendar put up by MTN which will culminate in its listing on the local bourse, five major activities are expected to be carried out by the end of August.

This comprise; reviewing the application and commencement of allotment, ending of allotment as well as an approval from the Securities and Exchange Commission (SEC) of the offer results.

This approval, ought to have been concluded by Monday, August 27.

Again, successful qualifying applicants are to be credited with their offer shares from today till Tuesday, September 4, 2018.

But according to an Associate of Equity Trading at UMB Stockbrokers, Kofi Busia Kyei puts it, developments seem otherwise.

“The procedures are quite long. Maybe it is possible there could be some issues that they have to iron out so SEC we think are still working on it. We haven’t got indication that it won’t be successful but we are just being hopeful that the result will come out.”

Some investors also tell Citi Business News they cannot wait any longer for the results from MTN.

“Before we even purchased the shares, I read from the MTN IPO prospectus, they posted a minimum amount at which the offer will be declared successful. As at now, we don’t know the status of the offer. If it was successful or in excess or if even we hit the minimum offer; we’ve been kept in the dark, we don’t know what is going on and it is quite worrying,” one investor said.

Another added, “I actually thought by this time it would have come out, the money raised and others would have come out. I am not too anxious anyway because I know the credibility of MTN, so I tried to find out what is happening with that.”

When all is done, MTN is expected to list and commence trading on September 5, 2018 while final refund is expected to take place on September 6, 2018.

Source: citibusinessnews.com

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