MTN is raising R8bn in Nigeria for expansion

Thu, 18 Jul 2019

MTN is raising R8bn in Nigeria for expansion

News24
14 May 2019, 17:43 GMT+10

MTN Group's Nigerian unit plans to raise about R8bn this year from a variety of sources including bank loans and bonds to expand operations in its biggest market.

The funds will enable Africa's largest wireless carrier to finance capital expenditure to increase the reach and efficiency of its network in Nigeria, Chief Financial Officer Adekunle Awobodu said by phone from Lagos. MTN has also started the process of listing its shares on the Nigerian Stock Exchange.

The company had announced plans to raise as much as 400 billion naira (about R15bn) last year, and later signed to a 200 billion naira (about R8bn) credit line with a group of banks. MTN is "currently arranging" for another 200 billion naira, according to Awobodu.

MTN Nigeria said to consider Lagos share listing next week

It registered 20.35 billion ordinary shares with the country's Securities and Exchange Commission last week, with about 20% expected to be listed on the Lagos bourse this week. MTN has 65.6 million subscribers in Nigeria, or 38% of the market, according to February data provided by the Nigerian Communications Commission.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Professional Autos.

More Information

Business

Sterling slides to 27-month low, Asian markets quiet

SYDNEY, Australia - The British pound fell to a more than two-year low on Wednesday amidst burgeoning concerns about Brexit, ...

New York State bans sale of cigarettes to under-age smokers

NEW YORK, New York - A state bill to ban sales of cigarettes to under 21 year-olds was signed by ...

Stocks slide on Wall St as buyers evaporate

NEW YORK, New York - Stocks in the U.S. were patchy and weak on Tuesday with no news to drive ...

International Monetary Fund begins search for new managing director

WASHINGTON, DC - The International Monetary Fund (IMF) has intiiated a process to find a new managing director following the ...

Stocks fall, dollar gains in quiet day on Asian markets

SYDNEY, Australia - Stocks skidded in Asia on Tuesday with falsl recorded across the board.The U.S. dollar continued to gain ...

RCSI and Stryker to work together on digital health solutions

DUBLIN, Ireland - Stryker on Monday announced the opening of its Digital Platform Services Centre of Excellence in Dublin, Ireland, ...

Engineering

ADHD: how race for the Moon revealed America's first hyperactive children

As the world commemorates the 50th anniversary of the first moon landing, we can appreciate the numerous technological advances that ...

CCEA decisions to give boost to rail connectivity in Uttar Pradesh

New Delhi [India], July 17 (ANI): The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved construction of a new ...

Capiz Pag-IBIG members avail P54-M housing loans

ROXAS CITY, Capiz, July 17 (PIA) -- The Pag-IBIG Fund was able to release more than P54-million housing take out ...

Counting 11 million undocumented immigrants is easier than Trump thinks

It is now clear that there will be no question about citizenship on the 2020 U.S. Census.After the Supreme Court ...

'8,058 Dengue cases reported across country this year'

By Priyanka SharmaNew Delhi [India], July 17 (ANI): Union Health Minister Dr. Harsh Vardhan on Wednesday launched a three-day "Jan ...

Govt to propose water transformation Bill, says Sisulu

South Africa's water department will propose a bill to eliminate "glaring inequalities" in the industry and draft new conservation regulations.While ...

Movie Review

Braveheart [Blu-Ray]