MTN Group West and Central Africa Region Vice President Ebenezer Asante saw his stake in MTN Ghana decline by $320,000 (GH₵1.84 million) in May.
The losses were triggered by a decline in the MTN Ghana share price on the Ghana Stock Exchange (GSE), as investors and shareholders digested the telecom company’s financial results for 2020.
Profit-taking activities by investors led to the 19-percent decline in the share price since the start of the month.
When compared to the company’s all-time high share price of $0.21 (GH₵1.26) seen on May 6, the shares were down by more than 20 percent.
MTN Ghana is the largest mobile operator in Ghana, occupying almost half the market. It is also the wealthiest company in Ghana, with over 20.9 million subscribers as of 2020.
At a share price of $o.17 (GH₵1.00), MTN Ghana maintains a market value of about $2.1 billion (N12.29 billion), making it the most capitalized company on the GSE.
The first Ghanaian to head MTN Ghana, Asante is the single largest individual shareholder in the company, with an ownership stake of 8,000,100 issued shares.
Before this role, Asante served as vice president of MTN Group for Southern and East Africa and Ghana following a two-year stint as the CEO of MTN Rwanda.
Since early May, Asante saw the total market value of his 8,000,100 shares in MTN Ghana drop from $1.70 million (GH₵9.8 million) on May 4 to $1.38 million (GH₵8.0 million) at the opening of the bourse yesterday morning.
The total market value of Asante’s stake in MTN Ghana was down by about $320,000.
