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Business News of Wednesday, 5 September 2018

Source: www.ghanaweb.com

MTN share price increases after enlistment on Ghana Stock Exchange

Ghana’s leading telecommunication network, MTN has begun public trading on the equity market with the share price increasing from 0.75pesewas to 0.78pesewas following its official enlistment on the Ghana Stock Exchange (GSE).

With a successful record-setting IPO, MTN Ghana which is currently enjoying the position as the groundswell of the Ghana Stock Exchange has the largest shareholder base.

Being the first ever Telecommunication Company to be listed on the bourse, MTN raised the largest amount in an IPO on the GSE with the largest subscription.

Speaking at the enlistment ceremony held at the Ghana Stock Exchange office in Accra, Chief Executive Officer of MTN Ghana, Selorm Adadevoh said, “We have 127,000 plus local share of MTN and this is going to be the largest to be the largest local Ghanaian shareholding company on the Ghana Stock Exchange And for us, we are proud to be a leader in this feat so we are looking forward to engaging our shareholders and taking this business to new heights.”

A total of 128,152 applicants bought into the shares.

This is made up of 127, 653 retail investors and 499 institutional investors.

The issuance of the IPO and the subsequent listing of MTN form part of regulatory requirements following the purchase of one of the 4G spectrums in 2015.