MTN Nigeria Plc shareholders have lost N23 for every share held in the company six days after the teleco offered its shares to Nigerians.
Between Wednesday December 1, 2021 and Monday, the company’s shares shed 13.7 per cent of its value from N190 traded on November 30 to N167 per share, according to records on the Nigerian Exchange Ltd.
Nigeria’s biggest network service provider’s shares started trading downwards on the day the company opened a portal for Nigerians to purchase its shares.
Advertisement
Its shares price dropped on December 1, to N171 from N190 held for weeks.
On December 2, MTN shares further declined to N169.2 per share and N167 per share on December 6, 2021.
The operator had revealed plans to sell its 575 million share holding in the Nigerian subsidiary.
The company had said that it intends to reduce its shareholding to 65 per cent over time.
For the offer, MTN said it will be the first shares to be delivered via a digital platform to allow Nigerian investors participate.