MTN Ghana Directors Secure Shares Worth GH₵11 Million

   Scancom PLC (MTN Ghana) has revealed that several of its non-executive directors have acquired a total of GH₵10.9 million worth of ordinary shares in the company. This move is part of MTN Ghana’s ongoing efforts to increase local participation and shareholding in its operations, contributing to its growth and success in Ghana.

According to a statement released by the company, the shares were purchased on August 16, 2024, at a price of GH₵1.77 per share. The transaction was facilitated by Investcom Consortium Holdings SA, the majority shareholder, following a thorough independent due diligence process. MTN Ghana emphasized that the purchase of these shares was conducted under strict adherence to the applicable laws and regulations, including the Ghana Companies Act, 2019 (Act 992), the Securities Industry Act, 2019 (Act 929), and the guidelines set forth by the Ghana Stock Exchange (GSE).

The directors who participated in the acquisition include:

• Felix Addo, who purchased 5,568,144 shares, bringing his total holdings in the company to 0.0421%.
• Rosemond Bene Ebe-Arthur, who bought 278,407 shares, increasing her stake to 0.0021%.
• Dr. Ishmael Yamson, the Chairman of MTN Ghana, who acquired 167,044 shares, raising his total holding to 0.0013%.
• Kofi Nkisah Dadzie, who purchased 100,000 shares, elevating his ownership to 0.0008%.
• NanaAma Boama Botchway, who bought 83,522 shares, resulting in a 0.0006% stake in the company.

In total, these five directors acquired 6,197,117 shares, which represent 0.0468% of MTN Ghana’s total issued shares. This move is part of MTN Ghana’s broader strategy to boost the level of local ownership and participation in the company, aligning with the company’s commitment to fostering a stronger connection with the Ghanaian market and encouraging greater domestic investment. The company believes that increasing local participation will not only support its financial growth but also contribute to the long-term success and stability of the business in Ghana.

MTN Ghana made it clear that the purchase of shares by the directors is fully compliant with the relevant laws, regulations, and corporate governance guidelines. “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 affirmed in its statement.

The company further clarified that the shares were acquired under the same conditions extended to independent third parties, as per the rules and regulations of the Ghana Stock Exchange (GSE). MTN Ghana emphasized that this transparency and adherence to regulatory standards demonstrate the company’s commitment to ethical business practices and corporate governance. The directors’ participation in the share acquisition was intended to reflect confidence in the company’s future prospects and its commitment to its local stakeholders.

As of the most recent trading session, MTN Ghana’s share price had reached GH₵2.45, a significant increase from the price at which the shares were acquired. This increase in value underscores the growing confidence in MTN Ghana’s operations and prospects, both locally and internationally. The shares’ price growth reflects MTN Ghana’s ongoing efforts to build a sustainable business that generates value for its shareholders, employees, and customers in Ghana.

MTN Ghana’s commitment to increasing local shareholding is an important step in the company’s long-term strategy, and it underscores the company’s focus on engaging with the local market and ensuring that its growth benefits the Ghanaian economy. This acquisition of shares by the non-executive directors further reinforces MTN Ghana’s dedication to corporate governance, transparency, and fostering greater local involvement in its success. The company’s efforts to increase Ghanaian participation in its operations are expected to continue to play a crucial role in strengthening its position as a key player in the telecom industry in Ghana and across the region.