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MTN Nigeria Begins Sale of 575 Million Shares to Retail Investors

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MTN Nigeria - Investors King

Telecommunication giant, MTN, will today begins the sale of up to 575 million shares held in MTN Nigeria by MTN Group to Nigerian retail and institutional investors.

The announcement of the sale is coming a week after the company disclosed that the Security and Exchange Commission (SEC) had approved its offer for sale of up to 575 million ordinary shares by way of a bookbuild to qualified investors (Institutional Offer) and a fixed price to retail investors (Retail Offer).

The company’s Chief Executive Officer, Karl Toriola, talking about the sale of the shares yesterday in a press conference clarified that the sale of the shares was never an initiative of funds raising but an attempt to deepen the company’s shareholding and in order to enable more Nigerians to partake in the prosperity of the company.

The offer opens at 8:00am today and is scheduled to close at 5:00 pm on December14, 2021. It is priced at N169.00 per share and the minimum subscription is for 20 shares and lots of 20 shares thereafter. The offer includes an incentive in the form of one free share for every 20 shares purchased, subject to a maximum of 250 free shares per investor. The incentive is open to retail investors who buy and hold the shares allotted to them for at least 12 months, post the allotment date,” the CEO said.

The retail offer is the first in Nigeria to be delivered via a digital platform. It aims to facilitate the maximum possible participation by Nigerian investors leveraging on technology. Similarly, It is the first time the company will invite subscription from the public nearly two years after it listed on the Nigerian Exchange Limited (NGX).

Speaking about the offer, MTN Group President and Chief Executive Officer, Ralph Mupita, said the offer was MTN’s strategic priority to create shared value. “In the last 20 years, we have worked diligently to connect 68 million subscribers onto voice and data networks and ensure that we deliver the benefits of a modern connected life. With this offer, we will contribute to the further deepening of Nigeria’s equity capital markets. It is the first in a series of transactions as MTN Group implements its plans to ensure broad-based ownership by reducing its shareholding in MTN Nigeria to 65 per cent over time. We thank the Nigerian authorities for the support we as MTN Group have received in the various approvals related to this Offer, and remain committed to playing our humble role in driving digital and financial inclusion across the country over the medium-term, ” he added.

Investors will be able to submit applications through the issuing houses, receiving agents (authorised stockbrokers and Nigerian banks) and online via a unique digital application platform, Primary Offer, administered by the Nigerian Exchange Limited.

 

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Zoho Launches Tax Compliant Platform in Kenya, Seeks to Help Businesses Manage Their Finance

Zoho Corporation has launched a VAT and Tax invoice management system (TIMs) accounting software for companies in Kenya called ‘Zoho Books’.

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Zoho headquarters in chennai

Indian multinational technology company that makes web-based business tools Zoho Corporation, has launched a VAT and Tax Invoice Management System (TIMs) accounting software for companies in Kenya called ‘Zoho Books’.

With the creation of Zoho Books, the company seeks to help Businesses in Kenya ease the process of transitioning to tax invoice management system and compliance.

The accounting software, Zoho Books is meant to help businesses in Kenya ease the process of transitioning to Tax Invoice Management System (TIMS) and ensure compliance.

In Kenya, the new TIMS regulation in the country mandates that all VAT-registered businesses must report each invoice and credit note to the Kenya Revenue Authority (KRA) in real time.

Businesses will need to create electronic tax invoices with the mandated fields and format, and push them to the Kenya Revenue Authority, making the introduction of the Zoho Books software to the Kenyan market very timely.

Speaking on the launch of ‘Zoho Books’ in Kenya, Zoho Country Manager Veerakumar Natarajan said the system has been rolled out first in Kenya to assist all business owners to prepare for the upcoming implementation of the TIMS by the Kenya Revenue Authority (KRA).

His words, “Kenya is a key market for us, and we are continuing to invest in creating solutions that will help businesses in their digitalization journey.

“We are launching the localized version of our accounting solution, Zoho Books, to help businesses manage their finances and stay tax compliant.”

The Kenya Revenue Authority has extended the deadline for businesses to comply with the Tax Invoice Management System to November, 30 this year, noting that “a number of taxpayers are still in the process of acquiring and integrating the ETR devices with their invoicing systems.”

With Zoho Books, businesses can get an end-to-end accounting solution that works in just a few clicks. The accounting software will also generate the VAT Return Form-3 filled-in automatically, which can then be used to file the returns, simplifying tax compliance and saving time.

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Cybersecurity Firm Swimlane Expands Into Africa And Other Regions, Offers Security Operation Requirements

Swimlane has announced its expansion to the Middle East, Turkey and Africa (META)

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Swimlane, a security automation company that provides cloud-scale, low-code security automation for organizations, has announced its expansion to the Middle East, Turkey and Africa (META) followed by an appointment of Ashraf Sheet as vice president of the region.

The platform will provide maximum flexibility for META organizations with cloud, on-prem and air-gapped deployment options for secure-access environments.

The newly appointed Vice President of the region (META) Ashraf Sheet is an accomplished sales leader with more than 20 years experience in the cybersecurity market. He has held progressive roles leading sales and channel teams across local and multinational companies including InfoBlox and LinkShadow.

Throughout his career, Sheet has established himself as a trusted advisor to many of the world’s most-recognized brands across the Middle East, Turkey and Africa.

While speaking on what innovative solutions the firm and the Vice President of the region (META) Ashraf Sheet will bring, Senior Vice President of Worldwide Sales for Swimlane Jim Pickering said,

“Ashraf brings immense credibility and go-to-market experience throughout META, and I’m excited to have him lead Swimlane’s expansion in the region.

“Our unique low-code approach to security automation is a game-changer for security teams in META, offering a solution that meets the region’s most-demanding and constantly evolving security operations requirements.”

He further added that the region’s vice president will be responsible for expanding Swimlane’s sales and technical teams across the region, as well as onboarding strategic channel partners and distributors to expand the company’s presence and market share.

Earlier this year, the firm raised a $70 million growth funding round led by Activate Capital which Swimlane disclosed that it will be used to accelerate the company’s ongoing growth and operations on a global scale while continuing to advance its platform innovations in security automation ahead of the competition.

Swimlane has transcended traditional SOAR and risen to meet the growing need for low-code security automation to help organizations quantify business value, overcome process and data fatigue, and combat chronic staffing shortages.

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Merger and Acquisition

Shell to Acquire Nigerian Solar Energy Provider, Daystar Power

Subject to regulatory approval, Shell Petroleum Development Company is set to acquire Daystar Power.

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Shell

Subject to regulatory approval, Shell Petroleum Development Company is set to acquire Daystar Power.

Daystar Power, which is one of the leading providers of hybrid solar power solutions to commercial and industrial (C&I) hubs in West Africa, announced the potential acquisition in a press release. 

According to the energy provider, the acquisition will help Daystar Power to continue its growth in West Africa while expanding its presence to other African countries in East and Southern Africa. 

The Lagos-based company has a target to increase its installed solar capacity to 400MW by 2025. 

Daystar Power currently has an installed solar capacity of 32 Megawatts (MW).

This could make Daystar Power to become one of Africa’s leading providers of solar power solutions for commercial and industrial businesses.

The Chief Executive Officer of Daystar, Jasper Graf von Hardenberg disclosed that Daystar Power needed more capital to expand operations to meet the rising demand for solar energy and the choice of Shell as the new parent company comes at the right time. 

Jasper further stated that Shell’s strong balance sheet and long history in Africa will help to take Daystar to a new height.

On the other hand, Shell’s Executive Vice-President, Renewable Generation, Thomas Brostrøm noted that the deal will be Shell’s first power acquisition in Africa. 

He noted further that the deal is a fundamental step for Shell in growing its presence in the emerging power market. 

“We have had a long and established presence in West Africa and with Daystar Power, we are taking our first steps into the renewable power space,” he said.

“Daystar Power has a loyal customer base and a promising growth outlook, and by combining our efforts and expertise, I believe we can make a real difference in the energy transition, for West Africa and beyond.” Shell’s Executive Vice-President concluded.

Investors King learnt that Daystar Power currently has a presence in Nigeria, Ghana, Senegal and Togo. The company also received $20 million in funding last year to boost its operations.

 

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