Nine banks raise Gh¢510m syndicated loan for MTN

Telecom firm MTN is to receive Gh¢510 million worth of fresh capital to grow the business.

It follows the signing of a landmark loan syndicated agreement with nine commercial banks in Ghana.

The transaction which was oversubscribed is being led by Ecobank Ghana. Others are Barclays Bank, Societe Generale, Stanbic Bank, Fidelity Bank, GCB Bank, Zenith Bank, Standard Chartered Bank and GT Bank.

This is the second time MTN is raising such funds after a similar one in 2012 which saw the telecom firm raising 300 million dollars.

The acting CEO of MTN Modupe Kadri is hopeful the loan will support MTN’s working capital and infrastructure expansion in Ghana.

“This huge interest in MTN’s business is a clear demonstration of how successful our business has been in Ghana and the financial health the company enjoys,” he said.

“The result of this deal is a continuous investment and will further boost our capital expenditure and enable significant investment into key strategic areas to ensure a robust network delivery of a bold new digital world,” he added.

The Managing Director of Ecobank Dan Sackey is hopeful such transactions can be extended to other sectors of the Ghanaian economy.

Source: Ghana/ Dzakpata

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