Why MTN Ghana shareholders are not direct shareholders of MMFL MTN Ghana investors are beneficial owners of MMFL, not direct registered shareholders. The MMFL shares allocated to MTN Ghana shareholders are held in trust on their behalf, similar to how a guardian holds assets for a minor until they can legally control them. This is why at MMFL EGMs, resolutions may be voted on separately for: Beneficiaries of the MMFL Trust (MTN Ghana shareholders), and Legal shareholders within the trust structure. In short, the benefits of the MMFL shares belong to MTN Ghana shareholders, but the legal ownership is held by trustees until any future restructuring or listing changes the arrangement.