MTN: 8,499 +25 (+0.30%)
MTN's Ghana unit up 4 pct on stock market debut -traders
(Adds detail, quotes)
ACCRA, Sept 5 (Reuters) - The price of shares in MTN's
Ghana unit rose 4 percent to 0.78 cedis on its stock
market debut on the Ghana bourse on Wednesday, traders and
exchange managers said.
The Ghana unit of Africa's largest mobile telecoms group
began trading 1.5 million shares on the local exchange after an
initial public offering that yielded about a third of its
initial 3.47 billion Ghanaian cedis ($734 million) target.
The 60-day public offering, which closed at the end of July,
formed part of requirements MTN agreed with Ghanaian regulators
in 2015 to allow for the introduction of its fourth generation,
high-speed mobile data network.
The company's managers said that 127,653 of its 128,152
shareholders are retail investors.
MTN Ghana is the first telecoms company on Ghana Stock
Exchange with the largest volume of shares offered.
"It brings in liquidity, greater participation, while
introducing a very vibrant sector of the economy," said Ekow
Afedzi, GSE deputy managing director.
MTN is the leading mobile operator in Ghana with 17.8
million voice subscribers, ahead of AirtelTigo, Vodafone and
($1 = 4.7275 Ghanian cedi)
(Reporting by Gideon Sackitey,
Editing by David Goodman)
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