MTN Group Limited (JSE:MTN) News - Results of the Series 1 Offer for Sale of MTN Nigeria ordinary shares

MTN Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/009584/06)
(Share code MTN)
(ISIN: ZAE000042164)
(MTN Group)


Results of the Series 1 Offer for Sale of MTN Nigeria ordinary shares

Further to the announcement of 30 November 2021, MTN Group is pleased to announce the
successful completion of its Series 1 offer for sale of 575 million MTN Nigeria shares to Nigerian
investors (the Offer). The Offer was implemented by way of a bookbuild to qualified institutional
investors and a fixed price offer to retail investors.

The Offer was 1.2 times oversubscribed with a total of 802.0 million shares subscribed for by more
than 126 000 investors. These included Nigerian retail and institutional investors, where participating
Nigerian pension funds represent approximately 6.5 million Nigerian contributors.

A total of 661.25 million MTN Nigeria shares were allocated, comprising the 575 million Offer shares
and the 15% greenshoe of an additional 86.25 million MTN Nigeria shares.

The Offer further marks the first time that a digital application platform, PrimaryOffer, was used for a
Nigerian public offer. More than 74% of retail offer subscribers applied via the PrimaryOffer platform.
Many of these investors are new market participants.

Gross proceeds from the Offer amount to approximately R4.3 billion. Following the Offer, MTN
Group’s shareholding in MTN Nigeria reduces from 78.8% to 75.6%. A further maximum of 4.27 million
MTN Nigeria shares (0.02%) will be allocated to qualifying retail investors who hold the shares
allocated to them until 31 January 2023, being twelve months following the Offer allocation.

Ralph Mupita MTN Group President and CEO said: “We are pleased that this Offer has given so many
Nigerians the opportunity to become owners of MTN Nigeria. With over 6.6 million Nigerians directly
or indirectly becoming shareholders in MTN Nigeria, the objective of broadening the shareholder base,
and creating shared value has been achieved. We are proud that our Offer was the first Nigerian public
offer to use the digital application platform, PrimaryOffer, which enabled wider investor participation
across Nigeria. We thank the Nigerian authorities for their support of this Offer. We remain committed
to playing our humble role in driving digital and financial inclusion in Nigeria over the medium-term”.

MTN Group will continue its work to deliver on its stated intention of broadening the local shareholder
base in MTN Nigeria, subject to market condition and regulatory approvals, with a goal to hold
approximately 65% of the business in the medium-term.



Fairland

1 February 2022

Lead Sponsor

Tamela Holdings Proprietary Limited

Joint Sponsor

J.P. Morgan Equities South Africa Proprietary Limited

Date: 01-02-2022 10:09:00
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