April 5, 2018 / 2:41 PM / 22 days ago

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

LAGOS, April 5 (Reuters) - 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. (Reporting by Chijioke Ohuocha; Editing by Angus MacSwan)

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