The shareholders of MTN Nigeria Plc have authorized the cancellation of 7. 5 billion unissued shares in order to meet the deadline of December, the company has announced.
The telecoms company’s shareholders also gave their approval for the cancellation of more than 402 million, $0. 005 per share preference shares in a publicly available disclosure on the Nigerian Exchange Limited.
According to the company, the cancellation was approved by the shareholders at the EGM in Lagos. The amended Companies and Allied Matter Act, which requires all listed companies in Nigeria to have only issued shares against the current system of operating issued and authorised share capital, was signed by the president, Major-General Mohammed Buhari (retd), in August 2020.
