Leading telecommunication company, MTN, was on Wednesday September 5, 2018, listed on the Ghana Stock Exchange (GSE) to pave way for trading of shares.
The company’s shares trade with the acronym, ‘MTNGH’.
The listing makes MTN the first telecommunication company to list on the GSE, presenting an opportunity for 127,826 Ghanaians to participate and own shares in the company.
It was also the first time subscribers paid for shares via a mobile application during an IPO.
MTN realized over GHS1.1 billion from the deal, which ran from May 29 to July 31.
Deputy Managing Director of the GSE, Mr Ekow Afedzie, said the offer was the largest Initial Public Offer (IPO) to be raised in the history of the GSE, adding “the Exchange would take advantage of the mobile technology to introduce mobile trading of securities as demonstrated by MTN.”
Mr Vincent Sowah Odotei, the Deputy Minister of Communications, commended MTN Ghana for blazing the trail for mobile telecommunications trading on the Stock Exchange.
Mr Odotei said the listing of MTN was a major boost for the Ghanaian economy, especially as the country pushed for a Ghana beyond Aid.
Rev. Daniel Ogbarmey Tetteh, the Director General of the Securities and Exchange Commission (SEC), urged players in the securities industry to contribute their quota towards building the confidence level of Ghanaians to invest.
“We are strengthening our muscle as a commission to ensure enforcement,” he said, urging MTN to let compliance be paramount in its scheme of operations.
CEO of MTN, Mr Selorm Adadevoh, noted that the company’s story had always been that of a great accomplishments due to the collaboration it had been enjoying from stakeholders.
“MTN was successful in exceeding the threshold and the final allotment was approved by the SEC on August 29, 2018,” Adadevoh disclosed, adding “we at MTN are very excited at the successful completion of this IPO and we celebrate all the records we have set.”
He gave the assurance that the company would continue to work to implement strategies to ensure best customer service.
By Wisdom Jonny-Nuekpe
