FMDQ Exchange has approved the registration of Lucky Fibres Limited N20.00 billion Commercial Paper (CP) Issuance Programme on its platform.
The Exchange in a statement to LEADERSHIP said the CP Programme, sponsored by FCMB Capital Markets Limited will enable the Lucky Fibres to raise short-term finance from the Nigerian debt markets through CP issues within the approved CP Programme limit.
Speaking on the successful registration of the CP Programme, the director, Lucky Fibres, Sandeep Parasramka, said “Lucky Fibres is delighted to announce the successful establishment of its debut N20.00 billion CP Issuance Programme. Since its launch in 2016, our synthetic hair business, Lush Hair, has quickly become one of the dominant players in Nigeria’s hair industry.
“We aim to continue expanding our current businesses while delivering top-quality products that drive growth and create value. This Programme is one of many steps we are taking towards enhancing operational efficiency through diversifying short- to medium-term funding sources to reduce average borrowing cost and unlocking greater value for our stakeholders.”
Also, the managing director of FCMB Capital Markets Limited, Ikechukwu Omeruah said, “the Company is pleased to have acted as sole arranger for the establishment of the maiden N20.00 billion CP Issuance Programme by Lucky Fibres. Even more satisfying is the opportunity to assist a first-time issuer in accessing the Nigerian capital markets while deepening our partnership with the Tolaram Group.
“The CP Programme will enable Lucky Fibres to issue CPs in a variety of tenors, diversifying its sources of short-term funding in order to facilitate its strategic growth objectives while optimising the average cost of borrowing.”
To fulfill its mandate of deepening the Nigerian financial markets, FMDQ Exchange remains committed upholding its market development and governance responsibilities.
Lucky Fibres, a subsidiary of Tolaram Group, is a leading manufacturer of carpeting and flooring materials in West Africa. With over 25 years of experience, the Company produces a diverse range of woven, tufted, and printed carpets and rugs under the renowned NOBEL brand, which are ISO 9001 certified, adhering to international standards, and are distributed primarily in Nigeria and Ghana. In 2016, the Company began the production of synthetic hair under the brand names, Lush Hair and now ranks second in terms of market share and production volumes in the hair manufacturing sub-sector.
