FMDQ Lists Romco Recycling Company’s N1.26bn CP

FMDQ Securities Exchange Limited has listed Romco Recycling Company Limited N1.26 billion commercial paper (CP) on its platform.

FMDQ in a statement to LEADERSHIP Sunday said the Exchange through consistent collaboration with its stakeholders, continues to deepen and effectively position the Nigerian debt markets for growth, supporting the realisation of a globally competitive and vibrant economy.

The N1.26 billion CP comprises N0.41 billion Series one, N0.42 billion Series two and N0.43 billion Series three Commercial Papers under its N6.00 billion CP Issuance.

It added that Romco Recycling Company Limited is a multinational non-ferrous metal recycler dedicated to sustainability. The company creates usable recycled metal ingots for manufacturers, reducing the need for mining raw materials.

“The proceeds from the quotation of these CPs, sponsored by Quantum Zenith Capital & Investments Limited, a Registration Member (Quotations) of the Exchange will be used by the Issuer to support its short-term funding requirements. This registration marks a significant step in our journey, optimising our capital structure to enhance our ability to meet the demands for secondary materials in a growing sector. We are excited about the opportunities this programme will open up for Romco and our stakeholders,” Chief executive officer of Romco, Raymond Onovwigun stated.

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He said: “This programme will enable Romco to access growth capital and flexibility to meet our operational commitments as we embark upon a forward-looking journey to deliver on our vision to become a global leader in the processing of secondary materials.”

To fulfil its mandate of deepening the Nigerian financial markets, FMDQ Exchange will consistently uphold its market development and governance responsibilities by providing a cost-effective, efficient, well-regulated, transparent, and reliable platform for raising and transferring capital, ensuring value for its diverse stakeholders.