Primrose Investment purchases further 20 million devices of FCMB stock worth N66.6m

The CEO designate of Nigeria’s telecommunication behemoth, Karl Toriola , has purchased 253,982 traditional shares of MTN Nigeria Plc, worth over N41 million.

This info became once made on hand on the present time, 4 January 2021 in a Notification of Share Dealing by Insiders, issued and signed by the Firm Secretary, Mrs Uto Ukpanah.

READ: MTN leads with market share of 40.14% in telephony subscription

In step with the certain wager disclosed by Mrs. Ukpanah, the CEO designate of MTN Nigeria PLC purchased 253,982 traditional shares of a truly powerful telecommunication firm in Africa on 31 December 2020.

The acquisition of the shares became once made over a spread of three deals/transactions on the bottom of the Nigerian Stock Commerce, at a median impress pegged at N162.96, over the course of the transactions.

GTBank 728 x 90

At this impress, the total consideration for the 253,982 shares purchased by Mr. Toriola is attach at N41,388,906.72

READ: MTN shareholders possess made roughly N1 trillion since April 2020

Why this matters

Dealings by insiders of listed companies are company actions to be disclosed, as required by the Nigerian Stock Commerce.

Right here’s in compliance with the commerce policy on insider dealing, as the disclosure is mandatory within the effort to construct clear transparency and enhance the belief of the investing public.

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READ: MTN Nigeria revenues rises to over N100 billion monthly in 2020

What this means

The acquisition of the shares of MTN Nigeria Plc by Mr. Toriola reveals the boldness the incoming CEO has within the basic strengths of the firm, as well as the valuation of the firm in 2021 and previous, no topic the stemming regulatory tensions spiked by the Federal Authorities, as the FG strikes to profile all stuffed with life cell mobile phone subscribers, that might well perchance also affect the revenue of the firm which became once compelled in 2020.

READ: Amplify in info, command revenue in 2020 9M failed to affect revenue of MTN Nigeria

What you might well composed know

  • Nairametrics reported that the Administration of MTN Nigeria Communications Plc announced the appointment of Mr Karl Toriola as the CEO designate.
  • His appointment as the CEO will change into effective 19 March 2021, offering passable time for an super handover by Mr Ferdinand Moolman, the latest CEO.

READ: Is MTN getting too immense?

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