In another bold move that reinforces its positioning as the leading destination for capital raising by discerning issuers, FMDQ Securities Exchange Limited (FMDQ Exchange), Nigeria’s largest securities exchange by market turnover, through its Board Listings and Markets Committee, has approved the registration of the Sundry Foods Limited N10billion Commercial Paper (CP) Issuance Programme on its platform in August 2022.
Sundry Foods Limited (the “Issuer”) is one of Nigeria’s leading food services companies, operating in the quick service restaurant, bakery, and catering segments. The Company has over one hundred and thirty (130) branches across Nigeria with a variety of franchises that include Kilimanjaro, Pizza Jungle, Nibbles Creamery, Nibbles Bakery, Kiligrill, and Sundry Foods Services.
The successful registration of this CP Programme, which is sponsored by CardinalStone Partners Limited (the Lead Sponsor), SCM Capital Limited and Stanbic IBTC Capital Limited, all Registration Member (Quotations) of the Exchange, strategically positions the Issuer to raise short-term finance from the Nigerian debt markets at specific times during the CP Programme validity it deems strategically viable, through CP issuances, within the CP Programme limit.
Speaking on the successful CP Programme registration, the Managing Director, Sundry Foods Limited, Ebele Enunwa stated “we remain committed to harnessing the full potential of Sundry Foods Limited and creating superior value to all our stakeholders. This is evident in the growth we have experienced in the past year, which has been as a result of visionary leadership and a defined growth strategy. We look forward to engaging market participants under this N10 billion CP Programme.”
Also, the Managing Director, CardinalStone Partners Limited, Michael Nzewi stated “CardinalStone Partners Limited is pleased to have spearheaded the registration of the debut CP Programme for Sundry Foods Limited.
We believe our role in assisting Sundry Foods Limited with raising capital will actualise its strategic growth objectives by providing opportunities to access a wider universe of market participants”. Equally, the Chief Executive, Stanbic IBTC Capital Limited, Funso Akere, stated that “Stanbic IBTC Capital is delighted to have acted as the co-Arranger to the establishment of Sundry Foods Limited’s N10billion CP Issuance Programme.
The CP Programme will enable Sundry Foods Limited issue commercial papers to diversify its funding sources in order to facilitate business growth and optimise its funding costs by accessing short-term funding at relatively competitive interest rates from institutional investors”.
The registration of this CP Programme on the Exchange’s platform validates FMDQ Exchange’s conscious drive to support the goals of corporate businesses and to deepen the Nigerian debt markets. In support of its mandate to align the Nigerian debt markets with international best practices and standards, the Exchange will continue to provide a dynamic and innovative platform for capital formation, offering institutions the support required to positively impact their sectors and the overall economy.