Business

MTN shares soar despite incomplete investors’ data

It has emerged that MTN is yet to complete the reconciliation of information of some investors who bought into the company’s shares almost two months after the company listed on the Ghana Stock Exchange.

As a result, managers of the stock market are anticipating increased trading activities on the exchange after the processes are completed.

The Managing Director of the Ghana Stock Exchange, Kofi Yamoah disclosed this in an interview with Citi Business News on the floor of the exchange.

About one hundred and twenty-seven thousand (127,000) investors bought into the shares of MTN.

This number also comprises those whose bio-data were incomplete hence made it difficult to process their documents and subsequent trading.

The CEO of MTN, Selorm Adadevoh earlier told Citi Business News how they are working to address the issue as soon as possible.

“We are confident we will get their IDs because they do have them; they have either expired IDs or they presented expired ones or didn’t present their IDs or they do not have IDs at all. So we are going through the process of diligence; we have dedicated resources to that and that we will got get the majority if not all of such persons if not all,” he said.

However speaking on the performance of MTN on the local bourse so far, the Managing Director of the Ghana Stock Exchange, Kofi Yamoah described as impressive but expected more with the completion of the reconciliation.

“They have the records and the applications but because of regulations some of the KYC issues need to be completed so that the shares can be traded if they want to trade them….We haven’t even had any report of anyone seeking not to trade the shares,” he observed.

MTN’s shares started trading on the stock market at 75 pesewas per share.

As at Thursday [October 18, 2018] evening, the share price stood at 90 pesewas per share after losing 5 pesewas earlier in the day.

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