According to a regulatory filing, MTN Nigeria Plc has declared that it intends to raise around N72 billion in order to finance its working capital.
To diversify its funding sources, the telecom giant announced in a statement that it plans to sell N72.1 billion worth of series 1o commercial paper notes to the Nigerian Exchange.
The sum that the investing public is expected to contribute is a component of its ongoing N250 billion commercial paper program.
“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 statement signed by its company secretary Uto Ukpanah reads.
MTN Nigeria recently wiped off a large amount owed by its customers due to glitches in its operation. Analysts believe if not correct, the size of the sum which runs into a trillion of naira could impact its performance.
The telecom company market valuation has steadied below N5 trillion as investors discounted its earnings strength in the third quarter of 2023.
