MTN Ghana directors acquire shares worth GH₵11million

Scancom PLC (MTN Ghana) has announced the acquisition of GH₵10.9million ordinary shares by some of its non-executive directors, furthering efforts to increase Ghanaian shareholding in the company.  

According to a statement released by MTN Ghana, the shares were acquired on August 16, 2024, at a price of GHS1.77 per share. 

The move was facilitated by Investcom Consortium Holdings SA, the majority shareholder, after an independent due diligence process. The directors acquired the shares under conditions extended to other independent third parties and in compliance with Ghana’s Companies Act, 2019 (Act 992), the Securities Industry Act, 2019 (Act 929), and the Ghana Stock Exchange’s (GSE) regulations.  

The directors who participated in the acquisition include:  

- Felix Addo, who purchased 5,568,144 shares, increasing his holdings to 0.0421%.  
- Rosemond Bene Ebe-Arthur, who acquired 278,407 shares, now holding 0.0021%.  
- Dr Ishmael Yamson, the Chairman, who added 167,044 shares, bringing his total holding to 0.0013%.  
- Kofi Nkisah Dadzie, who bought 100,000 shares, raising his stake to 0.0008%.  
- NanaAma Boama Botchway, who acquired 83,522 shares, holding 0.0006%.  

The total shares purchased by the directors amount to 6,197,117, representing 0.0468% of the company’s issued shares.  

In its statement, MTN Ghana reaffirmed that the transactions align with the company’s commitment to fostering greater local participation and investment in its growth. 

"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 said in a statement.

"Furthermore, these shares were acquired under the same conditions as those extended to other independent third parties in accordance with the rules and regulations of the Ghana Stock Exchange (the GSE). We confirm that these transactions align with our commitment to ensuring greater local participation and investment in the Company’s growth and success". 

MTN Ghana closed trading yesterday at GH₵2.45 per share, reflecting significant value growth since the execution of these transactions.