MTN Nigeria Communications PLC is set to allot Incentive Shares to eligible shareholders after declaring to do so during its initial public offering last year.

MTN said the incentive shares will be allotted to investors who held their stakes for one year after the initial public offering in January, 2022.

 “The Offer for sale of 575 million Ordinary Shares of MTN Nigeria held by MTN International (Mauritius) Limited (the offer) was successfully completed on 31 January 2022, the date on which the Securities and Exchange commission’s (SECS) clearance of the Offer allotment was obtained,” part of the statement read.

“The terms of the Offer included an incentive of one (1) ordinary share for every twenty (20) ordinary shares purchased and allotted (the Incentive shares) up to a maximum of two hundred and fifty (250) ordinary shares.”

“The incentive shares will be allotted to qualified shareholders who participated in the Offer and held all or some of their offer shares continually from 31 January 2022 to 31 January 2023 (the Qualification Date).”

 “To qualify, a shareholder must meet all 3 conditions below: Purchased and was allotted at least 20 ordinary shares in the Offer; Holds some or all of the shares allotted at the Offer as at the Qualification Date, 31 January 2023 but subject to holding at least 20 ordinary shares and Name must appear in the Register of Members at the Qualification Date,” the statement reads.

MTN Nigeria is a local unit of Johannesburg-based MTN Group Limited.

The company is Nigeria’s second biggest telecommunications services provider by market value with a market capitalisation of N4.7 trillion.