Mozambique: Moçambique Celular issues second round of bonds

16 September 2008

Maputo, Mozambique, 16 Sept – Moçambique Celular (mcel), Mozambique’s oldest mobile telephony company, Friday issued its second set of bonds to the value of US$10 million, equivalent to around 250 million meticais, Mozambican newspaper Notícias reported.

The first bond issue, also totalling US$10 million, was carried out three months ago.

The difference is that the latest issue is public, which means that anyone can “loan” money to mcel, whilst the previous bond issue was private and directed at a specific group of creditors.

The new bonds have a five-year maturity, with the possibility of early repayment after three years.

According to the chief financial officer (CFO) of mcel, Abubacar Chutumia, speaking at the launch ceremony, reimbursement of the capital will begin on 23 June, 2009.

According to Chutumia, the aim of issuing the bonds is to obtain financial resources for the company’s investment plan, which includes expansion and improvement of the quality of the network, amongst other aspects. (macauhub)