A Nigerian real estate firm, Magnificent Multiservices Limited has announced the maturity and redemption of its debut Series 1 Commercial Paper Issuance under its N20 Billion CP Programme.
The 180 days Series 1 (N5 Billion) was issued on the FMDQ Securities Exchange Limited (FMDQ) in the third quarter of the year, matured on March 19, 2023, and was redeemed in March 2023.
During a press conference held at the company’s headquarters in Lagos, Uwadiale Agenmonmen, founder and general managing director of the firm stated that the Series 1 repayment of the commercial paper demonstrates the company’s credibility to meet its financial obligations as a reputable and leading real estate company in Nigeria.
“The commercial paper program, which was signed in September 2022, aided the development of top-quality real estate projects for clients both at home and abroad,” Agenmonmen said.
Also at the press engagement, Hamid Ola-Alabanla, project manager at The Magnificent, said the redemption of the N5 billion commercial paper to investors will better position the real estate company and foster more investors’ trust in the company. “This is in line with the company’s mission to provide an innovative and dependable real estate investment platform where investors are comfortable enough to transact business,“ he said.
Further, Datapro Limited issued The Magnificent Multiservices Limited a short-term rating of (A1) and a long-term rating of A- (stable outlook), indicating the company’s adequate capacity for timely payment of financial obligations, good profitability, strong liquidity, and good capitalisation.