FMDQ Securities Exchange Limited has kicked-off the financial year with the quotation of the MeCure Industries Limited (MIL) ₦0.49 billion Series 1 and ₦1.44 billion Series 2 Commercial Papers (CPs) under its ₦20billion CP Issuance Programme on its platform.
MeCure Industries is a leading human therapeutics company in the pharmaceutical industry in Nigeria, the Exchange said in a statement.
It added that MIL pioneered the development of novel products and launched the pharmaceutical industry’s first tablet in a capsule formulation called ‘Liquitab Floatcap’.
Commenting on the successful CPs quotation, the Chairman/CEO, MeCure Industries, Samir Udani, said: “the issuance will help the company meet its short-term working capital and funding requirements. It will also strengthen our commitment to building and shaping positively, the healthcare industry in Nigeria.”
This transaction has provided an alternative source of funding to the Issuer and will assist in bolstering its working capital, hence positioning it as a leader in the pharmaceutical industry.
Cordros Capital Limited is the sponsor of the CP and a Registration Member of the Exchange.
Also speaking on the transaction, its Executive Director, Femi Ademola, said: “Cordros Capital is proud to have sponsored the quotation of the MeCure Industries Limited ₦0.49 billion Series 1 and ₦1.44 billion Series 2 CPs under the ₦20.00 billion CP programme.
“This transaction has provided an alternative source of funding to the Issuer and will assist in bolstering its working capital, hence positioning it as a leader in the pharmaceutical industry.”
Issuers continue to tap the Nigerian debt capital market (DCM) to meet their funding needs effectively and sustainably, as well as contribute to the development of the nation through their activities.
FMDQ Exchange assured that it will continue to work collaboratively with market stakeholders to align the nation’s DCM to international standards through the promotion of product and service innovation.
It also promised to champion key market development initiatives, take commendable steps to ensure that growth and development opportunities abound for the markets under its purview.
FMDQ Group is Africa’s first vertically integrated financial market infrastructure group, strategically positioned to provide registration, listing, quotation and a host of other services.
