Shares of Nigeria's second-biggest listed company, MTN Nigeria, fell 10% on Wednesday to a five-week low after it set a retail public offer price that was lower than its share price on the stock market.
MTN opened its offer for sale to retail investors on Wednesday at 169 naira per share to sell up to 575 million shares in MTN Nigeria.
The public offer, which closes on Dec. 14, marks the first phase of a share sale to retail investors where the South African company will seek to sell down its holding in MTN Nigeria to 65% from 78% over time, MTN Group Chief Executive Ralph Mupita said at a roadshow in Abuja. MTN Group Chairman Mcebisi Jonas attended the roadshow, which was held on the sidelines of a state visit by South African President Cyril Ramaphosa.
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