Further to the company’s announcement earlier this month that it would be listing 35% of its shares on the Ghana Stock Exchange (GSE), MTN Ghana has selected local brokerage IC Securities Ghana as its main sponsor for the initial public offering (IPO), writes Bloomberg, citing sources familiar with the matter. Ghana’s largest cellco by subscribers is preparing to raise as much as GHS2 billion (USD447 million) on the GSE, a total that would become the largest share sale in the West African state’s history. As previously reported by TeleGeography, last year MTN Ghana CEO Ebenezer Asante explained that the move to list part of its shares to Ghanaians is part of the localisation requirements of telecoms operators and is hoped to have a positive impact on trading in the local market.
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