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Nigeria’s UAC eyes 20 bln naira bond sale this year for real estate unit

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Naija247news, Nigeria
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

LAGOS, April 5 – Nigerian conglomerate UAC plans to raise 20 billion ($65.4 million) naira this year through a bond sale to refinance short-term borrowings at its real estate unit and cut debt, its group CEO said on Thursday.

Abdul Bello said the company would restructure the real estate unit, UPDC, which is suffering from an oversupply in the market and a glut fuelled by purchasing power decline.

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