FMDQ Acquires 1.08bn Shares Of CSCS

FMDQ OTC Plc has acquired1.081 billion units of Central Securities Clearing System (CSCS) Plc shares in transaction valued at about N20 billion.

This was made known in a statement signed by the Company secretary/general counsel of CSCS, Charles Ojo.

According to the statement, there was a significant trade of shares of Central Securities Clearing System Plc on the NASD OTC Plc. Two major shareholders of CSCS, Artemis Limited and ZPC Leadway Insurance Prem. Coll & Invest, who previously held 16.61 per cent or 830.642 million units and five per cent or 250 million units shareholding respectively, sold their shares to FMDQ OTC. As a result, FMDQ is now a shareholder with a 21.6 per cent equity stake in CSCS.

CSCS stated that, “it serves as the central securities depository and clearing infrastructure for the Nigerian capital markets. Our company plays an intrinsic role in ensuring the integrity and safety of transactions conducted in the Nigerian capital market.”

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CSCS expressed gratitude to its shareholders and stakeholders for their sustained interest in the company, saying, “we affirm our dedication to working towards achieving our strategic objectives of being the globally respected and leading central securities depository in Africa.”

The Central Securities Clearing System (CSCS) is a Public Limited Company, with a diversified shareholder base, including the Nigerian Exchange Group, some of the largest banks in Nigeria, private equity firms, other corporate and individual shareholders.