Fidson Healthcare Quotes N4.5bn CP on FMDQ Exchange
FMDQ Securities Exchange Limited has approved the quotation of the Fidson Healthcare Plc N4.50 billion Series 1 Commercial Paper (CP) under its N10 billion CP Issuance Programme on its platform.
Fidson Healthcare Plc is a leading pharmaceutical manufacturing company that is engaged in manufacturing and sale of pharmaceutical and healthcare products in Nigeria.
With over 35 registered pharmaceutical products, across different therapeutic areas, in the pharmaceutical industry, the proceeds from this issuance will be used by Fidson Healthcare to finance its short-term working capital requirements.
Speaking on the successful issuance of the Fidson Healthcare Series 1 CP, the Chief Financial Officer of the company, Mr. Imokha Ayebae, said the debut CP issuance would allow Fidson Healthcare broaden its sources of funding and lower our overall cost of borrowing.
“It will also strengthen our commitment to the vision of building sustainable brands that will foster our expansion and growth plans in the pharmaceutical industry across West Africa.
“We acknowledge the support of the investor community in ensuring the success of the CP issuance.
We will continue to assure their confidence in us as we deliver on our objectives of innovation and development within the Nigerian healthcare space,” he said.
The Head, Investment Banking, FSDH Capital Limited, sponsor of the CP on the exchange, Mr. Taiwo Olatunji, said: “We are pleased that FSDH Capital Limited was hand-picked by Fidson Healthcare to act as sponsor and lead arranger on the company’s debut CP issuance. We believe that the CP issuance has provided the company with access to a wider pool of well-informed investors, increased liquidity and increased visibility within the Nigerian DCM.”
FMDQ Exchange said it would continue to lead the revolution in the development of the Nigerian debt capital market (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 to improve and make the Nigerian DCM globally competitive, operationally excellent, liquid and diverse, in line with its GOLD Agenda.
“FMDQ Group, Africa’s first vertically integrated financial market infrastructure (FMI) group-with its wholly owned Exchange, Central Counterparty and Depository -is a one-stop platform for the seamless and cost-efficient execution, risk management, clearing, settlement and depository services, as well as data and information services across the debt capital, foreign exchange and derivatives markets in Nigeria,” it said.
SOURCE: THIS DAY