FMDQ Exchange admits Nigerian Breweries’ commercial papers

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FMDQ Securities Exchange Limited has announced the approval for the quotation on its platform of the Nigerian Breweries Plc N1.05bn Series 12, N0.94bn Series 13, and N2.67bn Series 14 Commercial Papers under its N100bn Commercial Paper Issuance Programme.

The Exchange said in a statement on Tuesday that this brought the total CPs issued by the issuer since the renewal of its N100bn CP Programme in 2019 to N156.20bn, with a total of N14.76bn currently active.

It said corporate institutions continued to successfully tap the Nigerian debt capital markets to access stable short, medium and long-term finance to fund key activities in their organisations.

According to the Exchange, the CP market has shown resilience by providing issuers with a sustained opportunity to grow their businesses, while contributing to the overall growth of the Nigerian economy.

The Finance Director, Nigerian Breweries, Mr Rob Kleinjan, was quoted as saying, “Nigerian Breweries Plc is delighted to announce the quotation of series 12-14 CP issuances under its N100bn CP Issuance Programme.

“We are pleased with the continuous opportunity to access alternative source of funding to meet our short-term working capital needs.”

The co-sponsors to the issue and registration member (quotations) on FMDQ Exchange, FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited and Stanbic IBTC Capital Limited, through the Head, Capital Markets, FBNQuest Merchant Bank Limited, Mr Oluseun Olatidoye, said, “The co-sponsors are delighted about the quotation of Nigerian Breweries PLC series 12-14 CP issuance under the N100bn programme.

“The funds raised will be utilised to meet the working capital needs of Nigerian Breweries Plc, and FBNQuest Merchant Bank is pleased with its role in further deepening the domestic debt markets.”

FMDQ Exchange said the quotation of this and other CPs on its platform validated its conscious drive to support the goals of corporate businesses and to deepen the Nigerian financial markets.

It said, “FMDQ Exchange is committed to powering the growth of the Nigerian DCM by steadfastly availing its efficient and value-adding platform for the registration, listing, quotation and trading of securities.

“FMDQ Group is Africa’s first vertically integrated financial market infrastructure group providing 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, through its subsidiaries, FMDQ Exchange, FMDQ Clear Limited and FMDQ Depository Limited.”

SOURCE: PUNCH

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