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