MTN Ghana lists on Ghana Stock Exchange

MTN Ghana (MTNGH) Limited, a leading telecommunication company, was on Wednesday listed on the Ghana Stock Exchange (GSE) to pave way for trading of shares.

Its shares will trade under the symbol ‘MTNGH’.

The listing makes MTN Ghana Ltd the first telecommunication company to list on the GSE and has enabled many Ghanaians across the country and from all walks of life to participate in the offer.

Mr Ekow Afedzie, the Deputy Managing Director of the GSE, said the offer was the largest Initial Public Offer (IPO) to be raised in the history of the GSE.

It was also the first time subscribers paid for shares via a mobile application during an IPO.

MTN realised over GH¢1.1 billion from its initial public offering, which ran from May 29 to July 31.

Mr Afedzi said MTN Ghana had shown that it was possible to make Ghana a financial hub in Africa and had set the pace for other telecom industries to follow.

He commended MTN for offloading portions of its shares to the public and urged the Management to abide by the rules of the Exchange and stick to its dividend policy.

He said the Exchange would take advantage of the mobile technology to introduce mobile trading of securities as demonstrated by MTN, when it allowed the public to purchase shares through the MTN Mobile Money portal.

Mr Vincent Sowah Odotei, the Deputy Minister of Communications, commended MTN Ghana for blazing the trail for mobile telecommunications trading on the Stock Exchange.

He said: “Most laudable is MTN’s decision to use the Mobile Money platform as a subscription channel to reach all Ghanaians everywhere. The innovation is commendable”.

Mr Odotei said the listing of the giant telecommunications network company was a major boost for the Ghanaian economy, especially as the country pushed for a Ghana beyond Aid.

He said the innovation by MTN to allow for the subscription of the IPO with Mobile Money was in line with government’s commitment towards improving financial inclusion of Ghanaians.

Rev. Daniel Ogbarmey Tetteh, the Director General of the Securities and Exchange Commission (SEC), commended MTN Ghana for the major milestone that would make it possible to trade shares through the mobile phones.

He urged all players in the Securities industry to contribute their quota towards building the confidence level of Ghanaians to invest in the Securities.

Rev Ogbarmey Tetteh said disclosure and transparency were very important elements that would boost the confidence of the Ghanaian to invest in the securities.

He said: “We are strengthening our muscle as a commission to ensure enforcement,” urging MTN to let compliance be paramount in its scheme of operations.

Mr Selorm Adadevoh, the Chief Executive of MTN Ghana Ltd, said the company’s story had always been a story of great accomplishments due to the collaboration it had been enjoying from all the people with interest in the business.

He said the company was successful in exceeding the threshold and the final allotment was approved by the SEC on August 29, 2018 adding that “We at MTN are very excited at 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 hard to implement strategies to ensure best customer service.

Source: GNA