FMDQ Securities Exchange Limited has announced the quotation of the Flour Mills of Nigeria PLC ₦13.33 billion Series 1, and ₦51.64 billion Series 2 Commercial Papers (CPs) under its ₦200 billion CP Issuance Programme on its platform on March 13th.
Flour Mills, the Issuer, is a Nigerian food and agro-allied company which evolved from a limited liability company to a publicly traded company, with a vertically integrated supply chain of food, agro-allied, logistics and support services businesses.
It is involved in the production of a wide range of food products, including flour, pasta, noodles, and ball foods.
In a statement, FMDQ said the proceeds from the quotation of these CPs will be utilised by the Issuer to support its short-term funding requirements.
The Commercial Papers are sponsored by FBNQuest Merchant Bank Limited (Lead Sponsor), Chapel Hill Denham Advisory Limited, FCMB Capital Markets Limited, and United Capital PLC (Co-Sponsors) – all Registration Member (Quotations) of the Exchange,
Proceeds from the CPs 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, Anders Kristiansson, was quoted as saying: “Flour Mills of Nigeria PLC is pleased to announce the quotation of the ₦13.33 billion Series 1 and ₦51.64 billion Series 2 CPs on FMDQ Exchange.
“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, Oluseun Olatidoye, said: “the investment banking and asset management subsidiary of FBN Holdings PLC, is pleased with 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.
“FBNQMB has a strong reputation for helping indigenous corporates access the capital markets to meet their funding goals and we are pleased to have been able to assist Flour Mills in tapping into the debt markets to access funding to meet their working and other capital requirements.”
According to FMDQ, the Flour Mills CPs, as with other securities listed, quoted, and traded on the Exchange’s platform will benefit from its diversified market.