FMDQ Securities Exchange Limited has announced the quotation of Total Nigeria Plc, Mixta Real Estate and Valency Agro Nigeria Limited Commercial Papers under its platform.
According to the News Agency of Nigeria, the disclosure was made by the FMDQ Group in a corporate statement issued, sequel to the fulfilment of all regulatory requirements.
- The statement explained that FMDQ admitted Total Nigeria Plc., N2.25 billion Series 1 and N12.75 billion Series 2 Commercial Papers (CP) under its N30 billion CP Issuance Programme.
- It also approved the quotation of Mixta Real Estate Plc., N2 billion Series 32 CP under its N20 billion CP Issuance Programme.
- In the same vein, the FMDQ Group also approved the registration of Valency Agro Nigeria Ltd., N20 billion CP programme on its platform.
Commenting on the quotation of the issue, the Managing Director of Total Nigeria, Mr Imrane Barry, explained that:
- “The programme was set up to enable the company further broaden its sources of capital by accessing funding from the Nigerian debt capital markets, while also reducing its overall funding costs.”
In his remarks, the Managing Director, Valency International Pte Ltd., Mr Sunil Dhanuka, said:
- “We are glad for the successful registration of Valency Agro’s, N20 billion CP Issuance Programme. In line with our vision to grow within the agricultural value chain in Nigeria, Valency Agro is committed to ensuring the growth of the agriculture sector through our deep involvement in Cashew, Sesame, Cocoa and other produce.
- “Proceeds from this CP Programme will be used toward meeting the midterm working capital requirements of the various agricultural produce and on value addition prior to export.”
What you should know
- It was reported the admission of Axxela N11.5 billion bond on FMDQ platform.
- Total Nigeria Plc had earlier issued a debut commercial paper, which was aimed at supporting the sector and reactivating the economy. This CP was halted by the COVID-19 pandemic.
- Despite the disruption, the debut issuance attracted sizeable demand from a lot of investors, leading to oversubscription.
- The financial advisers of the debut issuance scheme are Stanbic IBTC Capital Limited and FBNQuest Merchant Bank Limited.
- Commercial paper is a money-market security issued (sold) by large corporations to obtain funds to meet short-term debt obligations (for example, payroll) and is backed only by an issuing bank or company which promises to pay the face amount on the maturity date specified on the note.