MTN:  10,051   -96 (-0.95%)  24/08/2019 00:00

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 presentation. ($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

© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.