• Tuesday, June 25, 2024
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FMDQ Exchange admits Neveah’s N2.72bn Series 1 Commercial Paper on its platform

FMDQ Exchange admits Hartleys Supermarket & Store Commercial Paper on its platform

FMDQ Securities Exchange Limited (FMDQ Exchange), through its listing and quotation service, continues to enable corporates to tap the Nigerian DCM by providing uninterrupted access to a credible and robust platform that allows for capital raising, risk management and transfer of value.

In furtherance of this commitment, the Board Listings and Markets Committee of FMDQ Exchange has approved the quotation of the Neveah Limited N2.72 billion Series 1 Commercial Paper (CP) under its N10billion Commercial Paper Issuance Programme on its platform.

Neveah Limited is a leading commodities trading company dealing in the export of solid minerals and agricultural products, and a registered exporter of agro-commodities and minerals with the Nigerian Export Promotion Council.

The quick and effortless time to market of this CP is a testament to FMDQ Exchange’s unwavering commitment to the continuous development of the Nigerian DCM.

Access to capital remains a top priority for corporates, as low-cost capital is required to fund business expenses, expansion aspirations and existing debt obligations. The debt capital markets (DCM) satisfies this requirement by providing sustainable and efficient financing through access to capital, thereby helping corporates diversify their funding.

Read also: Dangote Cement quotes Commercial Papers valued at N41bn on FMDQ Exchange

Commenting on this milestone, the Chief Executive Officer, Neveah Limited, Ibidapo Lawal, stated that “Neveah Limited is pleased to have been oversubscribed on its Series 1 CP issuance under the N10 billion CP Programme. This funding will enable us meet export commitments to our international clients, which include some of the world’s largest commodity traders. We are delighted at the opportunity to access an alternative source of funding to meet our short-term working capital needs and look forward to further engagement with the capital markets in future”.

Also speaking on the transaction, the Head, Capital Markets and Advisory, United Capital PLC, Babatunde Ajayi, said “United Capital is pleased to have acted as the Sponsor and Sole Arranger on the debut issuance of Neveah Limited Series 1 CP. The United Capital Investment Banking Team advised Neveah on the optimal structure with which to approach the markets, which led to the company raising 30percent more than the intended sum of N2billion. The success of this transaction underscores United Capital’s commitment to critical growth segments of the Nigerian economy, as we intend to harness our middle-market clients across the African continent into shining global leaders”.

The Neveah CP, like all other securities listed, quoted and traded on the FMDQ Exchange platform, shall be availed global visibility through the Exchange’s website and systems, transparency through its inclusion in the FMDQ Daily Quotations List, governance and continuous information disclosure to protect investor interest, credible price formation, enhanced secondary market liquidity, amongst other benefits derived from its preferred admission to the FMDQ Exchange platform.