NSE: MTN Nigeria To Raise N400bn
By Aroso Paul with Agency Report
MTN Nigeria is set to raise N400 billion from its debt issuance when it gets listed on the Nigerian Stock Exchange later in the year.
This was disclosed during a recent interview with an online news agency.
The Chief Financial Officer, MTN Nigeria, Ralph Mupita said the proceeds will be used to fund local investment and replace existing debt.
Gtechnews reports that getting listed on the stock exchange had been one of the conditions given by the Nigerian Communications Commission (NCC) to punish the telecommunications company for its inability to disconnect improperly registered sim cards.
Recall that NCC had sanctioned the telco N330 billion, out of which the company paid N165 billion as at April 9, 2018.
Mupita said that there was need for the company to gear up its debt on an operational level away from the holding structure, adding that “The debt must be where the Ebidta is and to raise as much as possible in local currency”.
He further explained that the company plans to shift its focus from dollar-denominated debt to debts in local currencies where it operates.
The Chief Executive Officer (CEO) of the company, Rob Shuter had said arrangements for the IPO listing is in the advanced stage adding that the company would get listed on the stock exchange in 2018 if the market conditions are right.