MTN: 10,051 -96 (-0.95%)
MTN Nigeria arranging naira funding as it prepares for listing
ABUJA, May 15 (Reuters) - MTN Nigeria is arranging local
currency financing, the telecoms company said in presentation to
investors as part of its stock market listing.
MTN Nigeria, owned by South Africa's MTN Group,
said it has relied on local funding to reduce the impact of
currency volatility on its business and that total debt rose 44%
to 252 billion naira ($823.66 million) in the first quarter.
MTN said it targets a dividend payout ratio of at least 80%
of net income in the medium term, it said in the investor
($1 = 305.9500 naira)
(Reporting by Chijioke Ohuocha, editing by Louise Heavens)
First Published: 2019-05-15 08:03:56
Updated 2019-05-15 08:19:35
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