MTN to raise R13,8 billion in Nigeria in debt
It also has plans to list its Nigerian unit on the Lagos stock exchange by the end of this year.
Johannesburg-headquartered MTN Group, Africa’s largest wireless carrier by sales, has said that it intends to borrow R13,8 billion in Nigeria this year. The telecoms company intends to sell bonds and take out long-term loans to do so. The debt will help the company to fund local investment. The carrier has also said it wants to list its Nigerian unit on the Lagos stock exchange by the end of 2018.
Ralph Mupita, MTN CFO, was quoted by Bloomberg as saying that the company wants 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.”
He added that the company plans to shift its focus from dollar-denominated debt to debt in local currencies where it operates.