MTN Nigeria Communications Plc, is considering approaching the local debt market to borrow N200 billion.
The firm with the highest mobile phone subscribers in the country said the funds would be obtained through the sale of bonds.
The company has already secured the approval of the Securities and Exchange Commission (SEC) to launch a N200 billion bond issuance programme.
It stated that this route is being followed because it aligns with its strategy of diversifying its funding sources.
Recall that last month, MTN Nigeria sold commercial papers worth N100 billion to investors and the proceeds were used to finance the company’s working capital and general corporate activities.
MTN Nigeria Communications Plc – Issuance of Series III and Series IV Commercial Papers - SENS
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MTN Nigeria targets deeper broadband penetration with additional 800MHz spectrum purchase
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MTN Nigeria
’s mobile subscriber base grew 19% year-on-year and stood at 76.5 million with active data users increased by 7.4 million to 32.6 million (up by 29.4%)
.
In the year, according to the financial statements of the firm released to the Nigerian Stock Exchange (NSE) and analysed by
Brand Spur, the sum of N1.346 trillion was generated in the year, higher than the N1.169 trillion achieved in 2019, an increase of 15.1%.
MTN Nigeria’s profit after tax grew 0.9% to N205 billion while the Profit before tax (PBT) also grew by 2.6% to N298.9 billion.
Key metrics:
Active data users increased by 7.4 million to 32.6 million
e-Service revenue increased by 14.7% to NGN1.3 trillion