MTN : Nigeria Eyes Debt, Equity Sale after NSE Listing
MTN Nigeria is arranging local debt financing and plans to sell shares to new investors through a public offering, after listing its shares on the
MTN, owned by South Africa’s
Reuters quoted MTN Group CFO,
The company also said the Nigerian unit would raise debt, adding that the total level rose 44 per cent to N252 billion in the first quarter.
“This is just the beginning, we still intend to pursue a future public offer giving more Nigerians greater access to the MTN opportunity,” chief executive of MTN Nigeria,
MTN decided to list its local company in
MTN Nigeria said last week it would list 20.4 billion ordinary shares on the Nigerian stock market.
The company said capital expenditure in the first quarter, rose to N63 billion, the bulk of which went to upgrade its network, up from N18 billion same period last year. Service revenue grew 13.4 per cent to N282 billion in the first quarter, driven by a rise in voice and data income and the addition of 2.1 million mobile subscribers.
Earnings before interest, taxes, depreciation and amortization (EBITDA), a measure of operating profit, reached N150.4 billion in the three months to
MTN said it targets a dividend pay-out ratio of at least 80 per cent of its net income in the medium term.
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