Dangote Cement, MTN to raise funds in capital market for operations
Two of the three largest companies in Nigeria’s capital market, MTN Nigeria and Dangote Cement, are heading to the stock market to raise funds for their operations.
In separate statements to the investing public, MTN Nigeria plans to raise N150 billion through commercial papers while Dangote Cement will issue bonds.
In its filing dated April 7, 2022 and addressed to the Nigerian Exchange Group (NGX), Dangote Cement informed shareholders that it was contemplating second issuance of bonds under its N300 billion debt issuance to raise an undisclosed fund.
The statement read: “The bonds will be issued imminently, subject to favourable market conditions. The Company’s management has disclosed that the proceeds of the bonds will be applied towards funding expansion projects, refinance existing short-term debt and for general corporate purposes.”
MTN Nigeria on its part proposed the Issuance of Series 1&2 Commercial Paper to help diversify its liquidity sources.
The y’ello network said the funds would be used to finance working capital and other operations.
The company had previously concluded 4 series of issuances under its previous N200 billion Commercial Paper shelf program.
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