MTN Nigeria Communication, a prominent player in the country’s telecommunications sector, has made known its intention to issue N100 billion commercial paper notes as part of its ongoing Commercial Paper Issuance Programme.
In a corporate notice filed on the Nigerian Exchange Limited (NGX), MTN Nigeria noted that this strategic move aims to diversify its financing avenues while directing the raised funds toward short-term working capital and other immediate funding needs.
The company’s planned commercial paper notes are labeled as series six and seven within its 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,” it noted.
It will be recalled that MTN Nigeria’s debut issuance of commercial paper in June 2020 proved to be highly successful, with the company raising N100 billion, an offering that was met with an overwhelming subscription of 400 percent.
Meanwhile, NGX has admitted additional 641 million ordinary shares of MTN Nigerian Plc into its platform arising from the company’s scrip dividend scheme.
In its weekly report, NGX said, “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.”
Recently, MTN Nigeria announced that it has obtained the approval of the Securities and Exchange Commission for the registration of the ordinary shares to allow the company to issue dividends as shares to 5,192 shareholders.
In an official statement signed by its Company Secretary, Uto Ukpanah, MTN Nigeria Communications Plc said it was pleased to announce that it has obtained the approval of the Securities and Exchange Commission for the registration of the ordinary shares issued under the recently established scrip dividend election plan.
“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,” the company added.
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