Dangote Cement and MTN to raise capital market funds for their operations
Two of the top three companies in the Nigerian 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 considering a second bond issue under its N300 billion debt issuance to raise a undisclosed funds.
The statement read: “The bonds will be issued shortly, subject to favorable market conditions. Company management disclosed that proceeds from the bonds will be used to fund expansion projects, refinance existing short-term debt and for general corporate purposes. »
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MTN Nigeria, for its part, has proposed the issuance of series 1 and 2 commercial paper to help diversify its sources of liquidity.
The y’ello network said the funds would be used to fund working capital and other operations.
The company previously concluded 4 rounds of issuances under its previous N200 billion commercial paper program.
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