NEWS AGENCY OF NIGERIA

FMDQ admits Total, Valency Agro, Mixta Real Estate CPs

follow and like on:
X (Twitter)
Visit Us
Follow Me
Instagram
Telegram
55 total views today

By Chinyere Joel-Nwokeoma

FMDQ Securities Exchange Ltd., resumed 2021 with the quotation of Total Nigeria Plc., N2.25 billion Series 1 and N12.75 billion Series 2 Commercial Papers (CP) under its N30 billion CP Issuance Programme.

The company said in a statement in Lagos that its Board Listings and Market Committee also approved the quotation of Mixta Real Estate Plc., N2 billion Series 32, CP under its N20 billion CP Issuance Programme.

Similarly, the company approved the registration of Valency Agro Nigeria Ltd., N20 billion CP programme on its platform.

The debut issuance of Total Nigeria’s CP, following a volatile period for the oil and gas industry as disrupted by the COVID-19 pandemic demonstrated innovation and confidence in the Nigerian debt capital market (DCM).

This was aimed at supporting the vibrancy of the sector and in turn the reactivation of the Nigerian economy.

FMDQ said the issue attracted significant demand from a wide range of investors, resulting in a subscription level of over four times the initial issue size – a demonstration of investor confidence in the company.

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”.

Barry who thanked investors for supporting the company’s debut issue commended the financial advisers, Stanbic IBTC Capital Ltd., and FBNQuest Merchant Bank Ltd., for ensuring the success of the issue in spite the challenging environment.

See also  Domestic securities market a major source of funding for FG - DMO

Also commenting on the quotation, Tokunbo Aturamu, Head of Debt Capital Markets, Stanbic IBTC Capital, expressed his delight that Total Nigeria had joined the growing list of blue-chip corporate who have embraced CP issuances in the Nigerian debt capital markets as a means of funding their working capital requirements.

Aturamu also appreciated the Board and Management of Total Nigeria for the opportunity given to Stanbic IBTC Capital to act as Sole Arranger, as well as Joint Dealer alongside FBNQuest Merchant Bank, to the N15 billion debut, CP issuance under the programme.

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.”

Dhanuka also commended FMDQ for the seamless process in spite of the COVID-19 pandemic and the various restrictions.

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,” he said. (NAN)

follow and like on:
X (Twitter)
Visit Us
Follow Me
Instagram
Telegram

Published By

Edith Ike-Eboh
Has also recently published
See also  Africa Prudential shareholders laud consistent growth, approve 2022 dividend

You cannot copy content of this page

X
Welcome to NAN
Need help? Choose an option below and let me be your assistant.
Email SubscriptionSite SearchSend Us Email