MTN Ghana gets approval to buy back over 1 million floated shares

MTN Ghana has received approval from the Securities and Exchange Commission (SEC) to buy back over 1 million shares of applicants who failed to provide sufficient personal information to complete their Know Your Customer (KYC) requirements under the Company’s Initial Public Offer (IPO).

It will be recalled that shareholders of MTN Ghana at an Extraordinary General Meeting (EGM) 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.

That meant all such applicants will receive a refund of their initial purchasing money and dividends accrued since the IPO.

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A statement from MTN Ghana said “Applicants who did not provide sufficient KYC information can check the status of their account by visiting www.mtnghanashares.com to update their records and upload a copy of their valid ID card.”

It however stated that before the buyback commences, MTN Ghana is making a final appeal to shareholders to take advantage of the notice period to complete all outstanding account information.

The notice period ends on 23 February 2021,” it added.

Affected Shareholders who need additional information have been directed to contact www.mtnghanashares.com or IC Securities at clientservice@icsecurities.com or call 0302252621/3 for assistance.