FMDQ Securities Exchange Limited has approved the quotation of the Fidson Healthcare Plc’s N4.50 billion Series one Commercial Paper (CP) under its N10 billion CP issuance programme on its platform.
Corporate institutions have continued to explore alternative financing options by tapping the debt capital market (DCM) to raise capital to sustain their business activities.
Fidson Healthcare stated that being engaged in manufacturing and sale of pharmaceutical and healthcare products in Nigeria and with over 35 registered pharmaceutical products across different therapeutic areas in the pharmaceutical industry, the proceeds from this issuance will be used to finance the company’s short-term working capital requirements.
Speaking on the successful issuance of the CP, the chief financial officer, Fidson Healthcare, Mr. Imokha Ayebae, stated that, “the debut CP issuance will allow Fidson Healthcare broaden its sources of funding and lower our overall cost of borrowing.”
The head, investment banking, FSDH Capital Limited, sponsor of the CP on the Exchange and registration member (Quotation) of FMDQ Exchange, Mr. Taiwo Olatunji, stated that, “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.”