MTN Nigeria Plc (NGX: MTNN) in a regulatory filing proposed the issuance of a up to N72 billion series 10 commercial paper.
In a notice published on the Nigerian Exchange and signed by Uto Ukpanah, Company Secretary, the telecom giant said the issuance is “the issuance is part of the company’s strategy to diversify funding sources with the funds being deployed towards short-term working capital requirements.”
The details of the issuance is yet to be disclosed by company. It however, noted that “further details on the issuance will be communicated to the market.”
Earlier this month, MTN Nigeria said that it has successfully raised N52. 89bn from its Series 8 & 9 Commercial Paper issuance under its N250 billion Commercial Paper Issuance Programme.
It noted that the 182-day commercial papers were issued at a yield of 14 per cent and 267-day commercial papers at a yield of 16 per cent
In the nine months ended September 30, 2023, MTN Nigeria grew its revenue by N21.76% to N1.77 trillion from N1.46 trillion in the same period in 2022.
However, profit for the period declined by 45.22% to N148.09 billion from N270.34 billion in 2022. The company’s finance cost jumped to N397.078 billion from N145.22 billion in 2022.
At the close of trading on Friday, MTNN share price closed flat at N238 per share.
The company has 20,995,560,103 outstanding shares and a market capitalization of N5 trillion as at the close of trading of Friday.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
