MTN Ghana has experienced notable shifts in its ownership structure over the past year, with its majority shareholder reducing its stake while several institutional investors have increased their holdings.
The latest shareholder data, disclosed in Scancom PLC's 2024 financial statements, highlights the evolving investment trends in Ghana’s leading telecom provider.
Major Shareholder Adjustments
Investcom Consortium Holdings S.A. remains the largest shareholder, though its stake has declined slightly. The company now holds 72.04% (9,535,213,597 shares), down from 77.23% in 2023. This 5.19% reduction aligns with MTN's Significant Market Power (SMP) classification, marking one of the most significant ownership changes in recent years.
JPNG Firstrand Bank Ltd CIT-73863 has moved into second place, holding 2.26% (298,706,619 shares), slightly down from the 2.87% stake held by its predecessor entity in 2023.
Ghana’s Social Security and National Insurance Trust (SSNIT) remains the third-largest shareholder, increasing its ownership slightly to 1.54% (203,825,694 shares) from 1.50% the previous year.
Kimberlite Frontier Africa Master Fund holds steady in fourth place with a 1.32% stake (174,769,869 shares), showing minimal change from its 1.35% share in 2023.
New entrants have reshuffled the rankings, with BNYMSANVFFT RE ODD, O NLAFR making a significant entry at fifth place, holding 0.98% (130,098,080 shares).
Institutional Investors and New Entrants
Several long-term institutional investors continue to hold shares, including:
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AFCAP Ghana Ltd, A.G (0.93%)
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Daden Holdings Ltd (0.93%)
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Yeotech Company Ltd (0.93%)
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Scannison Investments Limited (0.93%)
Hunter Bofour Ltd has slipped from fifth to tenth place, despite maintaining nearly the same stake at 0.92%.
The 2024 shareholder list also welcomes new institutional investors:
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PHJ, HSQPS, FRONT enters at 13th place with 0.76%
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Jingbrak RE FEB AC The Africa Partners Fund ranks 15th with 0.65%
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Centrust Sankofa Master Trust Scheme appears in 16th place with 0.52%
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CBN/HSOPS/Delta Capital Limited joins at 19th place with 0.42%
These new entrants replace former shareholders such as Duet Africa Opportunities Fund, which has dropped out of the top 20.
Rise in Small Shareholders
Despite institutional investors holding the majority of shares, retail investors continue to grow in number. The count of shareholders with between 1-1,000 shares has risen to 94,385 individuals, though their collective ownership remains just 0.10% of total shares.
MTN Ghana's ownership changes come as the company reports a strong financial performance, with revenue reaching GH¢17.9 billion in 2024.
During the company’s Annual General Meeting (AGM), CEO Stephen Blewett reaffirmed MTN Ghana's commitment to maintaining market leadership through infrastructure investments and service enhancements, even as new competitors like Starlink enter the industry. These shareholder shifts reflect Ghana’s dynamic telecom sector and investor responses to emerging opportunities and challenges.
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