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By Chinenye Anuforo and Chinwendu Obienyi
FMDQ Securities Exchange Limited, yesterday, approved the admission for quotation of the MTN Nigeria Communications Plc’s N19.77 billion Series 3 and N53.74 billion Series 4 Commercial Paper (CPs) under a N200.00 billion Commercial Paper Issuance Programme on its platform.
A statement from the exchange, said that as businesses and institutions adjust to the new ‘normal’, corporate entities have continued to seek innovative and capital effective ways to source funding to finance their institutional needs and that the admission of MTN’s CPs on its platform is a testament to its commitment of providing a reliable and credible platform to support capital formation.
Speaking on the admission, the Chief Financial Officer, MTN Nigeria, Modupe Kadiri, stated that the telecom firm was very pleased with the success of its series 3 and Series 4 CP issuances, which further diversified its funding sources, help to optimise the firm’s finance cost and strengthen the Nigerian financial markets.
According to him, “The issuance was well received by the market, with strong participation from a diverse group of investors, signifying its continued confidence in our business. By quoting these CPs on FMDQ Exchange, we are able to provide investors with a strong platform for liquidity and price discovery. Proceeds from the issuance will be deployed towards the company’s working capital and general corporate purposes”
Also speaking, the Managing Director of Chapel Hill Denham Advisory Limited – a Registration Member (Quotation) of FMDQ Exchange – Mrs. Kemi Awodein, revealed that “Chapel Hill Denham Advisory Limited was honoured to have worked with MTN Nigeria as Sole Arranger and Dealer on the Series 3 and Series 4 CP issuances to raise an aggregate amount of N75.1 billion across the two series at competitive rates during a period of unsettling and volatility in the fixed income market. This issuance represents the largest CP issuance this year and its success demonstrates the Issuer’s strong credit, leading position in the market and industry; as well as its long-term prospects”.
MTN Nigeria Communications Plc is Nigeria’s premier provider of connectivity, communication and collaboration solutions, and the largest privately owned mobile operator in Africa, Europe, and the Middle East. The company serves over sixty-one (61) million subscribers with national coverage and a fibre network that reaches every state in the nation.
