Mr Mukuru said he got reliable information from a staff member of the Nigerian Stock Exchange that MTN was about to issue the N100 billion commercial paper.
On the reason for the plan, Mr Mukuru noted that the company may have opted for the commercial paper because “either it is cheaper than getting bank finances or the banks don’t want to finance it.”
The EFG staff added, however, that that form type of borrowing should ordinarily be secured from the bank. Commercial paper is an unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts payable and inventories and meeting short-term liabilities. Commercial paper is usually traded among large institutions, but individual investors can participate by buying from a broker.
The company said it will announce the development through the Nigerian Stock Exchange at the appropriate time. “Shareholders are reminded to exercise caution when reacting to information which has not been released by the company,” the statement said.
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