Dangote Cement Quotes ₦41bn Commercial Paper on FMDQ
Nigeria’s largest cement producer, Dangote Plc has quoted its N41 billion commercial paper on FMDQ Exchange, the company said in a statement today.
According to the company, FMDQ Securities Exchange Limited, FMDQ, continues to demonstrate its commitment to fostering the development of the Nigerian debt capital market by championing and supporting strategic market-driven initiatives.
The Exchange remains the choice platform for the registration, listing, quotation, trading and reporting of financial securities, amongst other activities.
In keeping with this commitment, FMDQ Exchange, through its Board Listings and Markets Committee welcome the quotation of the Dangote Cement PLC ₦15.20 billion Series 1, ₦7.96 billion Series 2 and ₦17.84 billion Series 3 Commercial Papers under its ₦150.00 billion Commercial Paper Issuance Programme on its platform.
Dangote Cement PLC, a subsidiary of Dangote Industries, is Sub-Saharan Africa’s leading cement company, with a production capacity of 48.6 million tonnes per year across ten (10) countries.
The proceeds from the Dangote Cement Series 1 – 3 CPs, which were sponsored on the Exchange by Stanbic IBTC Capital Limited – a Registration Member (Quotation) of FMDQ Exchange, will be used to support the company’s short-term working capital and funding requirements.
With the growing interest of corporate entities in the commercial paper market to finance short-term funding and liquidity requirements through the DCM, FMDQ Exchange remains unrelenting in its provision of integrated services to stakeholders, spearheading initiatives to boost secondary market liquidity and facilitating effective price formation, among other activities via its platform.
The statement hints that the Exchange shall continue to support institutional growth and stimulate continuous development of the economy at large, through the promotion and provision of a world-class quotations service.
By quoting these CPs on the Exchange, Dangote Cement is availed unique benefits which include, but are not limited to, enhanced investor confidence, transparent/relevant information disclosure on the issue, effective price formation and global visibility.
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