FMN Plc Quotes ₦64.97bn Commercial Papers -FMDQ
In an effort to support its working capital requirement, Flour Mills of Nigeria (FMN) Plc has quoted about N65 billion commercial paper on the FMDQ platform, according to a statement from the Exchange.
To accelerate the development of the Nigerian debt markets, FMDQ Securities Exchange Limited said it continues to use its platform to provide enhanced registration, listing, quotation, and trading of debt securities in the Nigerian financial markets.
It announced the listing of Flour Mills of Nigeria PLC ₦13.33 billion Series 1 and ₦51.64 billion Series 2 Commercial Papers under its ₦200.00 billion CP Issuance Programme on the Exchange’s Platform on March 13, 2023.
The proceeds from the quotation of these CPs, which are sponsored by FBNQuest Merchant Bank Limited (Lead Sponsor), Chapel Hill Denham Advisory Limited, FCMB Capital Markets Limited and United Capital PLC (Co-Sponsors) will be utilised by the Issuer to support its short-term funding requirements.
Speaking on the successful issuance of the CPs, the Group Chief Financial Officer, Flour Mills of Nigeria PLC, Mr. Anders Kristiansson said this joint quotation is aimed at harnessing alternative funding sources to meet some of our working and other capital requirements as we seek to deepen strategic, growth-consolidating investments across our value chains and in enabling capabilities that would unlock greater value for our stakeholders.”
Also, the Head, Capital Markets, FBNQuest Merchant Bank Limited, Mr. Oluseun Olatidoye, stated “FBNQuest Merchant Bank Limited, the investment banking and asset management appreciates its role as Lead Arranger on the registration of the Flour Mills ₦200.00 billion CP Programme and the subsequent quotation of the first two issuances under that Programme – ₦13.33 billion Series 1 and ₦51.64 billion Series 2”.
The Nigerian CP market has remained a viable funding option for corporate entities seeking to finance their short-term expenditures, including working capital shortfalls.
The Flour Mills CPs, as with other securities listed, quoted and traded on the FMDQ Exchange’s platform, will benefit from the Exchange’s diversified market stakeholders, its highly responsive and efficient listing and quotation processes, and credible benchmark pricing required for appropriate portfolio valuation, amongst others. # FMN Plc Quotes ₦64.97bn Commercial Papers
