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Investors in the equities segment of the Nigerian Exchange (NGX) re-priced MTN Nigeria Plc share downward last week as the United States (US) bank crisis spillover into the global markets.
The telecom giant lost 5% of its market valuation over weak sentiment in the local bourse. The decline outpaced around 2% shed by the equity market following profit taking in Ticker: MTNN.
Market data from the local bourse showed that from N248.30 in the week, MTN Nigeria’s share price fell to N236 with 20.354 billion shares outstanding valued at N4.8 trillion on Friday.
In a document submitted to the regulator, MTN Nigeria said it will seek shareholders’ consent to merge its two subsidiaries MoMo Payment Service Bank Limited and Yello Digital Financial Services.
It is also proposing to give shareholders the right to receive new ordinary shares instead of cash dividends to be declared by the Company from time to time commencing from the 2023 financial year. #MTNN Slumps 5% amidst Plan to Merge MoMo PSB, Yhello Digital.