SEC Gives MTN Ghana Greenlight to Buy Back Huge Shares

MTN Ghana CEO, Selorm Adadevoh

Accra, Ghana//-Ghana’s Securities and Exchange Commission (SEC) has given the greenlight to Scancom PLC, operators of MTN Ghana to buy back over 1 million shares.

 This follows the failure of the over 1 million share applicants to provide sufficient personal information to complete their Know Your Customer (KYC) requirements under the Company’s Initial Public Offer.

 A press release issued by the Acting Corporate Services Executive at MTN Ghana, Robert Kuzoe, said.

Shareholders of MTN Ghana at an Extraordinary General Meeting (EGM) held on Thursday, December 3, 2020, gave the company the approval to buy back shares of applicants with incomplete personal information at the IPO price of GHS 0.75.

This means that all such applicants will receive a refund of their initial purchasing money and dividends accrued since the IPO, according to the release.

It added: “Applicants who did not provide sufficient KYC information can check the status of their account by visiting www.mtnghanashares.comto update their records and upload a copy of their valid ID card.

Before the buyback commences, MTN Ghana is making a final appeal to shareholdersto take advantage of the notice period to complete all outstanding account information”.

The notice period ends on 23 February 2021, it stated.

African Eye Report

 

 

 

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