Group CEO of leading telecommunications company MTN, Ralph Mupita has revealed the network’s goal of further localizing the company by having Ghanaians own at least 30% of MTN shares in the country by the end of this year.
The telecom company concluded its Initial Public Offering (IPO) in August 2018, selling over 1.5 million shares and raising an amount of GH¢ 1.146 billion at the time.
Though the IPO couldn’t attract the estimated GH¢ 3.5 billion target, the GH¢ 1.146 billion it raised is considered remarkable as it is the largest volume of offers in the history of the Ghana stock exchange.
“So 30% local ownership is the target we have committed to, and I’m very pleased to say we’ve made progress as we are currently at 23.7%. The reason we want Ghanaians to own the shares is that we want more Ghanaians to enjoy and participate in the economic success of MTN. So that program of further localization is still intact. We are targeting to get to the 30% localization by the end of the year.”
Source: citibusinessnews.com