MTN Nigeria Communication, one of the leading telecom operators in the country, has announced its plan to issue commercial paper notes worth N100 billion as part of its ongoing Commercial Paper Issuance Programme.
The company disclosed this in a corporate notice filed on the Nigerian Exchange Limited (NGX), stating that the objective of this move is to diversify its sources of financing and to use the proceeds for short-term working capital and other immediate funding needs.
The planned commercial paper notes are designated as series six and seven under the company’s established issuance programme. “The issuance is part of the company’s strategy to diversify its financing options with the funds being deployed towards short-term working capital and funding requirements,” the notice read.
This is not the first time that MTN Nigeria has issued commercial paper notes. In June 2020, the company successfully raised N100 billion from its debut issuance, which was oversubscribed by 400 percent.
In addition, NGX has listed additional 641 million ordinary shares of MTN Nigeria Plc on its platform, resulting from the company’s scrip dividend scheme. According to NGX’s weekly report, “Trading License Holders are hereby notified that additional 641,047,053 ordinary shares of two kobo each of MTN Nigeria Communication Plc were on Wednesday, August 16, 2023, listed on the daily official list of the Nigerian Exchange Limited (NGX).
“The additional shares listed on NGX arose from MTN’s Scrip Dividend Election Scheme. With this listing of the additional 641,047,053 ordinary shares, the total issued and fully paid-up shares of MTN has now increased from 20,354,513,050 to 20,995,560,103 ordinary shares of two kobo each.”
Furthermore, MTN Nigeria revealed that it has obtained the approval of the Securities and Exchange Commission for the registration of the ordinary shares issued under its scrip dividend election plan. The plan allows 5,192 shareholders to receive their FY 2022 final dividends in the form of shares, equivalent to 641,047,053 new ordinary shares of 2kobo each at N232.68 per share. This increases the total issued shares of the company to 20,995,560,103.
The company stated that “Under the plan, 5,192 shareholders elected to receive their FY 2022 final dividends in the form of shares, equivalent to 641,047,053 new ordinary shares of 2kobo each at N232.68 per share. This brings the total issued shares of the company to 20,995,560,103.
“In line with the regulatory guidelines, the Central Securities Clearing System (CSCS) accounts of qualified shareholders will be credited in the coming days.”
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