News24
14 May 2019, 13:13 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.
Get a daily dose of Zimbabwe Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Zimbabwe Star.
More InformationDHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
ZAGREB, Croatia: A massive concert by popular Croatian singer Marko Perković, known by his stage name Thompson, has drawn widespread...
WASHINGTON, D.C.: Elon Musk's entry into the political arena is drawing pushback from top U.S. officials and investors, as his decision...
CULVER CITY, California: TikTok is preparing to roll out a separate version of its app for U.S. users, as efforts to secure a sale...
WASHINGTON, D.C.: President Donald Trump claimed he was unaware that the term shylock is regarded as antisemitic when he used it in...
PARIS, France: A strike by French air traffic controllers demanding improved working conditions caused significant disruptions during...
Windhoek [Namibia], July 9 (ANI): Prime Minister Narendra Modi arrived in Windhoek, the capital of Namibia, on Wednesday morning (local...
New Delhi [India], July 9 (ANI): Congress General Secretary Incharge of Communication, Jairam Ramesh on Wednesday launched a fresh...
Washington DC [US], July 9 (ANI): A day after Donald Trump announced reciprocal tariffs on 14 countries, two days ahead of his deadline...
(250709) -- KAMPALA, UGANDA, July 9, 2025 (Xinhua) -- Starting players of Uganda sing their national anthem before kickoff of the Rugby...
Windhoek [Namibia], July 9 (ANI): Ahead of Prime Minister Narendra Modi's visit, India's High Commissioner to Namibia, Rahul Shrivastava,...
Windhoek [Namibia], July 9 (ANI): Ahead of Prime Minister Narendra Modi's visit, India's High Commissioner to Namibia, Rahul Shrivastava,...