FMDQ Securities Exchange Limited has approved the registration of the Sundry Foods Limited ₦10.00 billion commercial paper (CP) issuance programme on its platform.
Sundry Foods is one of Nigeria’s leading food services companies, operating in the quick service restaurant, bakery, and catering segments. The Company has over 130 branches across Nigeria with a variety of franchises that include Kilimanjaro, Pizza Jungle, Nibbles Creamery, Nibbles Bakery, Kiligrill, and Sundry Foods Services.
The successful registration of this CP will strategically position the issuer to raise short-term finance from the Nigerian debt markets at specific times during the programme validity.
The programme is sponsored by CardinalStone Partners Limited (the Lead Sponsor), SCM Capital Limited and Stanbic IBTC Capital Limited, all Registration Member (Quotations) of the Exchange.
Speaking on the successful CP Programme registration, the Managing Director, Sundry Foods Limited, Ebele Enunwa, said: “We remain committed to harnessing the full potential of Sundry Foods Limited and creating superior value to all our stakeholders.
“This is evident in the growth we have experienced in the past year, which has been as a result of visionary leadership and a defined growth strategy. We look forward to engaging market participants under this ₦10 billion CP Programme.”
The CP Programme will enable Sundry Foods Limited issue commercial papers to diversify its funding sources in order to facilitate business growth and optimise its funding costs by accessing short-term funding at relatively competitive interest rates from institutional investors.
Also, the Managing Director, CardinalStone Partners Limited, Michael Nzewi, said: “CardinalStone Partners Limited is pleased to have spearheaded the registration of the debut CP Programme for Sundry Foods Limited.
“We believe our role in assisting Sundry Foods Limited with raising capital will actualise its strategic growth objectives by providing opportunities to access a wider universe of market participants.”
Similarly, the Chief Executive, Stanbic IBTC Capital Limited, Funso Akere, said: “Stanbic IBTC Capital is delighted to have acted as the co-Arranger to the establishment of Sundry Foods Limited’s ₦10 billion CP Issuance Programme.
“The CP Programme will enable Sundry Foods Limited issue commercial papers to diversify its funding sources in order to facilitate business growth and optimise its funding costs by accessing short-term funding at relatively competitive interest rates from institutional investors.”
FMDQ Exchange said the registration of this CP Programme on its platform validates its conscious drive to support the goals of corporate businesses and to deepen the Nigerian debt markets.
It added that in support of its mandate to align the Nigerian debt markets with international best practices and standards, it will continue to provide a dynamic and innovative platform for capital formation, offering institutions the support required to positively impact their sectors and the overall economy.
