FMDQ Lists Flour Mills N64.97bn Commercial Papers

FMDQ Securities Exchange Limited has listed Flour Mills of Nigeria (FMN) Plc’s N64.97 billion commercial papers (CP) on its platform.

The CP comprises of N13.33 billion Series one and N51.64 billion Series two Commercial Papers under its N200.00 billion CP Issuance Programme.

The Exchange said, to accelerate the development of the Nigerian debt markets, FMDQ Securities Exchange  continues to use its credible platform to provide enhanced registration, listing, quotation, and trading of debt securities in the Nigerian financial markets.

It stated that, the proceeds from the quotation of these CPs, which are sponsored by FBNQuest Merchant Bank Limited, Chapel Hill Denham Advisory Limited, FCMB Capital Markets Limited and United Capital Plc will be utilised by the Issuer to support its short-term funding requirements.

Speaking on the successful issuance of the CPs, the Group chief financial officer, Flour Mills of Nigeria, Mr. Anders Kristiansson, stated  that, “Flour Mills of Nigeria  is pleased to announce the quotation of the N13.33 billion Series one and N51.64 billion Series two CPs on FMDQ Exchange.

“This joint quotation is aimed at harnessing alternative funding sources to meet some of our working and other capital requirements as we seek to deepen strategic, growth-consolidating investments across our value chains and in enabling capabilities that would unlock greater value for our stakeholders.”

The head, Capital Markets, FBNQuest Merchant Bank, Mr. Oluseun Olatidoye, stated that, “FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings PLC, is pleased with its role as lead arranger on the registration of the Flour Mills N200.00 billion CP Programme and the subsequent quotation of the first two issuances under that Programme.

“FBNQuest has a strong reputation for helping indigenous corporates access the capital markets to meet their funding goals and we are pleased to have been able to assist Flour Mills in tapping into the debt markets to access funding to meet their working and other capital requirements.”

FMDQ added that the Nigerian CP market has remained a viable funding option for corporate entities seeking to finance their short-term expenditures, including working capital shortfalls.