FMDQ Exchange lists N50bn Bond by Presco

FMDQ Securities Exchange Limited has approved the listing of the Presco Plc N34.50 billion Series 1 Fixed Rate Bond under the N50 billion Bond Issuance Programme on its platform.

Presco Plc is a fully integrated agro-industrial establishment that specialises in the cultivation of oil palm plantations and milling and crushing palm kernels to produce a range of refined vegetable oil. It also has an olein and stearin packaging and biogas plants to treat its palm oil mill effluent.

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The proceeds generated from the Presco Plc Series 1 Bond, which is co-sponsored by Stanbic IBTC Capital Limited (Lead Sponsor), CardinalStone Partners Limited and Quantum Zenith Capital and Investments Limited – all Registration Member (Listings) of the Exchange, will be used by the Issuer to refinance existing facilities from banks and to augment working capital requirements.

As a securities exchange with a commitment to facilitate growth and development in the Nigerian debt capital market and economy at large, FMDQ Exchange continues to show its commitment to promote an efficient, transparent, and well-regulated market, which attracts and retains both domestic and foreign investors, through the provision of a world-class listing and quotation service, amongst others, in line with its mandate.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.