CardinalStone Lists 5-year N5bn Bond on NGX

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The Nigerian Exchange Limited (NGX) has listed the CardinalStone Financing SPV Plc’s N5 billion, 5-Year Series 1 bonds under the company’s N10 billion debt issuance programme.

Speaking during the virtual listing ceremony, the Divisional Head, Listings Business, NGX Limited, Mr. Olumide Bolumole said at NGX Limited, they continue to provide issuers with a platform that allows them meet their strategic business objectives and it is the exchange’s delight to see issuers take full advantage of our products and services to support their growth story.

“We are, therefore, excited about the successful listing of the CardinalStone Financing SPV Plc’s N5 billion Series I Bond on the NGX platform as it creates an avenue for price discovery and liquidity for existing and new investors.

“The full subscription of the listing recorded demonstrates investors’ confidence in CardinalStone which now better positions the company to sustain its impressive growth in the coming years,” he added.

On his part, the Group Managing Director, CardinalStone Partners Limited, Mr. Michael Nzewi, said: “Today is particularly exciting for us at CardinalStone because it represents the attainment of our aspiration to list some of the securities in our capital structure on the exchange. We are thankful to NGX for giving us the opportunity to list on its platform; without their support, we would not be here today.

“We would like to assure NGX that we are committed to finding ways to leverage its products and services and drive participation in the capital market from other institutions. Of course, we appeal to our colleagues in the industry to take advantage of the opportunity to raise capital on NGX just like we have.”

Also speaking, Managing Director, CardinalStone Asset Management Limited, Mr. Mohammed Garuba, said: “I thank NGX for the opportunity to be here today and must give kudos to NGX for facilitating seamless remote trading over the past year; the impact is clearly seen in capital raising activities on the bourse. I must also congratulate NGX on the recent launch of its campaign, The Stock Africa Is Made Of.

“It is indeed an exciting initiative as it has helped to re-engage key players within the capital market value chain. While a lot of focus has been on equities in the past, listing a bond is another way to not only raise capital but also improve governance within an organisation, which was our experience. We have learnt from this process, and are willing to support counterparts and clients who wish to embark on this journey.”

Similarly, the Managing Director, ChapelHill Denham Advisory Limited (Lead Financial Adviser/Issuing House), Mrs. Kemi Awodein, expressed appreciation to the capital market players.

SOURCE: THIS DAY

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