FMDQ Securities Exchange Limited has announced the admission of the quotation of the United Capital PLC ₦12.48 billion Series 8 Commercial Paper (CP) under its ₦50.00 billion CP Issuance Programme on its platform.
This follows the admission of 21 CPs valued at over ₦128.25 billion thus far in 2022, to sustain their business activities and plug capital shortfalls.
United Capital is a leading financial services Group focused on leveraging technology to empower businesses, individuals, and governments with excellent financial services.
Similarly, the Exchange also approved the quotation of the Coleman Technical Industries Limited (CTIL’s) ₦2.40 billion Series 3 and ₦3.65 billion Series 4 Commercial Papers (CPs) under its ₦20.00 billion CP Issuance Programme on its platform.
The successful quotation of these CPs is testament to the opportunities, which the Nigerian debt capital market (DCM) avails to corporates in diverse business areas.
CTIL is West Africa’s largest producer and distributor of electrical wires and cables.
The proceeds from the quotation of this CP, which is co-sponsored by FSDH Capital Limited, UCML Capital PLC and NOVA Merchant Bank Limited – all Registration Member (Quotations) of FMDQ Exchange, will be used by the Issuer to finance short-term working capital requirements.
Just as the quotation of the CITL CPs, which is sponsored by Coronation Merchant Bank Limited, Afrinvest Capital Limited, CardinalStone Partners Limited, FSDH Capital Limited and SFS Financial Services Limited – all Registration Member (Quotations) of FMDQ Exchange, strategically positions CTIL to raise short-term finance easily and quickly from the Nigerian DCM.
The proceeds from the quotation of these CPs will be used by the Issuers to finance short-term working capital requirements.
In line with its strategic objectives to support institutional growth and deliver prosperity to Nigerians, FMDQ Exchange says it will continue to demonstrate its commitment towards delivering a globally competitive, operationally excellent, liquid and diverse (“GOLD”) standard to the Nigerian debt capital market (DCM).
This is being done through the promotion and provision of a world-class quotation service, availing issuers and investors of the much-needed global visibility, confidence and protection in the markets.
FMDQ noted that CPs quoted on its platform benefit from the commendable and efficient CP quotation process, in addition to continuous provision of invaluable information and price formation as part of the Exchange’s commitment to organise, govern and enforce transparency in the Nigerian capital market space.
It also promised to lead the revolution in the development of the Nigerian DCM by providing credible market structures to corporate and commercial businesses with the opportunities to meet their short-term funding requirements, whilst building their profiles in the Nigerian DCM space.
FMDQ Exchange remains positive about the possibilities of the Nigerian DCM and will continue to implement, with the support of its stakeholders, initiatives that will improve and support economic growth and development for the benefit of the citizenry.
FMDQ Group is Africa’s first vertically integrated financial market infrastructure (FMI) group, strategically positioned to provide registration, listing, quotation and other integrated services.
The Group also operates Africa’s premier Green Exchange – FMDQ Green Exchange – positioned to lead the transition towards a sustainable future.