MTN Ghana Announces Acquisition of GH₵10.9 Million Shares by Non-Executive Directors

By InstinctBusiness Dec 19, 20240

Scancom PLC (MTN Ghana) has announced that several of its non-executive directors have acquired GH₵10.9 million worth of ordinary shares, furthering efforts to increase Ghanaian shareholding in the company. The shares were acquired on August 16, 2024, at a price of GHS1.77 per share, according to a statement released by MTN Ghana.

The acquisition was facilitated by Investcom Consortium Holdings SA, the majority shareholder, following an independent due diligence process. The directors acquired the shares under conditions extended to other independent third parties and in compliance with Ghana’s Companies Act, 2019 (Act 992), the Securities Industry Act, 2019 (Act 929), and the Ghana Stock Exchange’s (GSE) regulations.

The directors involved in the acquisition are:

– Felix Addo: Purchased 5,568,144 shares, increasing his holdings to 0.0421%.

– Rosemond Bene Ebe-Arthur: Acquired 278,407 shares, now holding 0.0021%.

– Dr. Ishmael Yamson (Chairman): Added 167,044 shares, bringing his total holding to 0.0013%.

– Kofi Nkisah Dadzie: Bought 100,000 shares, raising his stake to 0.0008%.

– NanaAma Boama Botchway: Acquired 83,522 shares, holding 0.0006%.

In total, the directors purchased 6,197,117 shares, representing 0.0468% of the company’s issued shares.

MTN Ghana reaffirmed that these transactions align with the company’s commitment to fostering greater local participation and investment in its growth. “We confirm that these transactions do not contravene the Companies Act, 2019 (Act 992), the Securities Industry Act, 2019 (Act 929), the Securities and Exchange Commission’s Corporate Governance Code, 2020, or MTN Ghana’s Insider Trading Policy,” the company said in a statement.

The company further emphasized, “These shares were acquired under the same conditions as those extended to other independent third parties in accordance with the rules and regulations of the Ghana Stock Exchange (the GSE). We confirm that these transactions align with our commitment to ensuring greater local participation and investment in the company’s growth and success.”

MTN Ghana closed trading yesterday at GH₵2.45 per share, reflecting significant value growth since the execution of these transactions.