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.