• Friday, June 21, 2024
businessday logo


FMDQ kicks off 2022 with admission of MeCure Industries Commercial Papers

FMDQ Exchange approves quotation of Greenwich Merchant Bank’s Commercial Papers on its platform

FMDQ Securities Exchange Limited (FMDQ Exchange) continues to avail its credible and efficient platform as well as tailor its listing and quotation services to suit the needs of issuers looking to seamlessly raise finance from the debt capital market (DCM). In a remarkable start to the year 2022, FMDQ Exchange has approved for quotation, the MeCure Industries Limited N0.49 billion Series 1 and N1.44 billion Series 2 Commercial Papers (CPs) under its N20 billion CP Issuance Programme on its platform.

MeCure Industries Limited (MeCure Industries or the Issuer) is a leading human therapeutics company in the pharmaceutical industry in Nigeria. MeCure Industries pioneered the development of novel products and launched the pharmaceutical industry’s first tablet in a capsule formulation called ‘Liquitab Floatcap’.

Commenting on the successful CPs quotation, the Chairman/CEO, MeCure Industries Limited, Samir Udani, stated that “the issuance will help the company meet its short-term working capital and funding requirements. It will also strengthen our commitment to building and shaping positively, the healthcare Industry in Nigeria”.

Also speaking on the transaction, the sponsor of the CP and a Registration Member (Quotations) of the Exchange, Cordros Capital Limited, represented by the Executive Director, Femi Ademola, CFA, stated, “Cordros Capital is proud to have sponsored the quotation of the MeCure Industries Limited N0.49 billion Series 1 and N1.44 billion Series 2 CPs under the N20 billion CP programme. This transaction has provided an alternative source of funding to the Issuer and will assist in bolstering its working capital. Hence, positioning it as a leader in the Pharmaceutical Industry”.

Read also: FMDQ Group may pay N20bn to acquire 21.6% stake in CSCS

As issuers tap the Nigerian DCM to meet their funding needs effectively and sustainably, as well as contribute to the development of the nation through their activities, FMDQ Exchange will continue to work collaboratively with market stakeholders to align the nation’s DCM to international standards, and will, through the promotion of product and service innovation and the championing of key market development initiatives, take commendable steps to ensure that growth and development opportunities abound for the markets under its purview.

FMDQ Group is Africa’s first vertically integrated financial market infrastructure group, strategically positioned to provide registration, listing, quotation and noting services; integrated trading, clearing & central counterparty, settlement, and risk management for financial market transactions; depository of securities, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly-owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited