The board of telecommunication giant- MTN Nigeria Communications, on Thursday morning, announced plans for a public offering of 575m ordinary shares by MTN Group Limited, its South Africa-based parent company.

In a notice through the Nigerian Exchange Limited, by Uto Ukpanah, the company secretary, MTN Nigeria said the public offer will be by way of book-build to institutional investors and fixed price to retail investors is part of plans by the parent company to dilute its stake by 14%.

The offer, he continued, “is anticipated to open in November 2021 with a bookbuild to institutional investors, after which a fixed price is expected to be announced for retail investors also in November 2021.”

Continuing, the company said the offer, expected to close next month, is “the first step in MTN Group’s previously communi9cated statement of intent to sell down approximately 14% of its current shareholding in MTN Nigeria.”

The statement promised to provide further information on how to subscribe in the coming days.