MTN Nigeria has announced the price for its shares per unit under the scrip dividend plan for interested shareholders.
In a corporate notice filed with the Nigerian Exchange Limited on Thursday, the firm said that reference share price would be N232.68, which was lower than its share value at the end of trading on Wednesday, which stood at N240 per unit.
MTN in March proposed a scrip dividend plan that would give interested shareholders the option to elect and receive new ordinary shares in the company instead of receiving dividend in cash.
The firm said that “The reference share price was determined based on the average closing price of the company’s shares for the five trading days on Nigerian Exchange Limited starting on 28 March 2023 and ending on 3 April 2023 (both days inclusive).”
The firm said that the scrip plan would be beneficial as the cash, which would otherwise be paid out in dividends, and would be retained for working capital and other general corporate purposes.