…To raise over N200bn for expansion in Nigeria
MTN Nigeria has concluded all plans to be officially introduced on the Nigerian Stock Exchange, come Thursday, May 16th, even as a plan to increase its expansion and the efficiency of its network in Nigeria is underway.
The telecommunication firm is looking to raise over N200 billion ($555 million) from bank loans, bonds and other sources to expand its operations in its biggest market – Nigeria, The Daily Times has learnt.
Industry sources, however, believed that the telecom operator’s 20.3bn shares will, indeed, start trading this week.
It would be recalled that MTN Nigeria had successfully completed the registration of 20.345 billion ordinary shares of N0.02 each with the Securities and Exchange Commission (SEC).
In a phone interview with Bloomberg, the company’s Chief Financial Officer, Adekunle Awobodu had said MTN was “currently arranging” for another N200 billion.
Recall that the company announced a plan to raise as much as N400 billion last year and later signed to N200 billion credit line with a group of banks.
MTN had registered 20.35 billion ordinary shares with Nigeria’s Securities and Exchange Commission last week, with about 200 per cent expected to be listed on the Lagos bourse this week.
Recently, MTN Nigeria announced the completion of its conversion from a private company to a public company, stating that it was a legal requirement and a key milestone in the preparatory process for its listing by introduction on the Nigerian Stock Exchange (NSE).
Commenting on the successful registration, MTN Nigeria‘s CEO, Ferdi Moolman, described the development as a milestone in the company’s listing process.
“I am excited we have achieved another milestone in our listing process, and we want to thank the sec and the corporate affairs commission (CAC) for supporting us through the process. we have now begun to engage with the NGSE to complete the listing process.”-MOOLMAN
According to him, it is a reaffirmation of MTN Nigeria’s long-term commitment to expanding its investment opportunities for Nigerians, in addition to providing everyday services to them.
Only last week, speaking on the company’s first quarter performance, the MTN CEO had said:
“We connected a further 2.1 million people to our network, providing them access to worldwide communication services, while an additional 1.7 million people are able to access the possibilities that the internet provides.”