MTN’s N52bn Capital Raise

MTN’s N52bn Capital Raise

Introduction

MTN Nigeria, a telecommunications company, is getting ready to raise N52.895 billion by issuing two series of commercial papers. This move is part of their plan to diversify their financing options and meet their short-term working capital and funding needs.

Details of the Commercial Paper Issuance

In a notice submitted to the Nigerian Exchange Limited (NGX), MTN Nigeria announced that the commercial papers, known as Series 8 & 9, will be issued under their N250 billion Commercial Paper Issuance Programme. The company’s Company Secretary, Uto Ukpanah, signed the notice.

Purpose of the Funds

The funds raised through this issuance will be used for short-term working capital and funding requirements. This means that MTN Nigeria will have more flexibility in managing its day-to-day operations and financing needs.

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Future Updates

MTN Nigeria has promised to provide more information about this capital-raising initiative to the market at a later time. This will help investors and the public stay informed about the company’s financial activities.

Previous Commercial Paper Issuance

Earlier, MTN Nigeria successfully raised N125 billion through the issuance of commercial papers series 6 & 7. Although their initial plan was to raise N100 billion, the offer received overwhelming support with a 146% subscription rate. This means that N125 billion was raised across both series, exceeding their target.

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