MTN Ghana has received approval from the Securities and Exchange Commission (SEC) to buy back more than one million shares of applicants, who failed to provide sufficient personal information to complete their Know Your Customer, KYC requirements under the Company’s Initial Public Offer, IPO.
It will be recalled that shareholders of MTN Ghana at an Extraordinary General Meeting last year, gave the Company the approval to buy back shares of applicants with incomplete personal information at the IPO price of 0.75 pesewas.
A statement issued by the Acting Corporate Services Executive of MTN, Robert Kuzoe, said with the approval, all such applicants will receive a refund of their initial purchasing money and dividends accrued since the IPO.
It said applicants, who did not provide sufficient KYC information could check the status of their account by visiting MTN’s website to update their records and upload a copy of their valid ID card.
The statement said before the buyback commences, MTN Ghana is making a final appeal to shareholders to take advantage of the notice period to complete all outstanding account information. The notice period ends on 23rd February 2021.