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    Categories: BusinessOn the Go

MTN to raise N400bn on NSE after listing

Ralph Mupita, chief financial officer at MTN Nigeria, says the company hopes to raise N400 billion from its debt issuance when it gets listed on the Nigerian Stock Exchange later in the year.

Speaking in a Bloomberg interview, Mupita said the proceeds will be used to fund local investment and replace existing debt.

Getting listed on the stock exchange had been one of the conditions given by the Nigerian Communications Commission to punish the telecommunications company for its inability to disconnect improperly registered sim cards.

NCC had also fined the telco N330 billion, out of which the company has paid N165 billion as April 9, 2018.

“We want to gear up our debt on an operational level away from the holding structure. The debt must be where the Ebidta is and we want to raise as much as possible in local currency,” Mupita said.

The company says it plans to shift its focus from dollar-denominated debt to debts in local currencies where it operates.

MTN recently raised money in local currency for its Ghanaian and Ivory Coast operations.

Rob Shuter, the company’s CEO, had said arrangements for the IPO listing is in the advanced stage adding that the company will get listed on the stock exchange in 2018 if the market conditions are right.

In a statement on Wednesday, MTN said Donald Trump’s decision to pull out of the nuclear accord with Iran will affect business.