FMDQ Securities Exchange Limited has approved for quotation of the Valency Agro Nigeria Limited N7.24 billion Commercial Paper (CP) on its platform.
According to the release by the Exchange, this comprises of N4.57 billion Series two and N2.67 billion Series three CP under the Company N20.00 billion CP Programme.
Valency Agro Nigeria Limited is a subsidiary of Valency International Pte Limited, an international commodity trading house that deals in the sourcing, production, and trading of agro and consumer food products.
It added that, “the net proceeds from these CPs, which are sponsored by FBNQuest Merchant Bank Limited will be used by the Issuer for its short-term financing requirements.
“The quotation of these CPs reiterates the efforts of the Exchange to project the Debt Capital Market (DCM) as the key source of finance for the agriculture sector in Nigeria. The agricultural sector and its attendant transformation agenda have never been more important in driving increased and sustainable production of agricultural products as well as the derived foreign earnings through exports.”