MTN Nigeria CEO designate, Toriola mops up shares of telecoms firm on NSE
By Samuel Bankole
MTN Nigeria Chief Executive Officer (CEO) designate Karl Toriola has mopped up shares of the telecoms giants on the floor of the Nigerian Stock Exchange (NSE) to the tune of N126.68 million in two transactions.
Toriola, who is expected to replace Ferdi Moolman by March 19, 2021, bought a total of 769,084 shares in the telecoms firm worth N126.68 million in two tranches done by December 31, 2020.
A regulatory filing by the telecom firms showed that the CEO designate bought 253,982 shares of the company at N162.96 per share and 515,102 shares in the second tranche at N165.61 percent the same day.
The disclosure was part of the measure adopted by the local bourse to inject transparency in the operation of the stock market and ensure that all insider dealing in shares are reported to shareholders and the general public.
The transactions was consumated before the Monday close period in respect of transactions on the securities of the telecoms firm, which took effect from January 4 until 24 hours after the financial statement of the company I released to the public.
The company had announced February 25 for its board of directors meeting to consider the 2020 audited statements of accounts and financial reports of the firm.
In compliance with the NSE rules and the amendments to the listing rules, trading in the company’s shares by insiders and their related interest are forbidden for the closed period.