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Business News of Friday, 22 May 2020

Source: MyNigeria

MTN eyes N50bn from commercial paper issuance


MTN Nigeria Communications Plc has revealed plans to raise up to N50bn from its commercial paper issuance.

The company announced the launch of its proposed Series I and II of its commercial paper programme by filing a notice at the Nigerian Stock Exchange.

The telco said it had already gotten approval from FMDQ Securities Exchange for the registration of its N100bn commercial paper programme, adding that the issuance is part of the firm's strategy to diversify its financing options.

It promised to communicate further details on the initial issuance and subsequent issuances to the investing public.

In Q1 2020, MTN Nigeria recorded a 16.7% revenue increase to N329.1 bn in March 2020 compared to N282.1 billion in Q1 2019.

Also, the telecommunication giant made a profit of N51.1 billion for the first quarter of 2020, compared to N48.4 billion recorded at the end of March 2019.

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