FMDQ Admits Flour Mills of Nigeria’s N30 Billion Commercial Paper
FMDQ Securities Exchange Limited has approved the quotation of the Flour Mills of Nigeria Plc N10.00 billion Series 13 and N20.00 billion Series 14 Commercial Paper (CP) notes under its N100 billion CP Issuance Programme on the exchange.
According to exchange, as most businesses across the globe continue to grapple with the economic effects of the COVID-19 pandemic, FMDQ Holdings Plc has through its subsidiary, FMDQ Exchange, sustained its efforts in the provision of required support to governments, corporates and individuals through the delivery of innovative and dependable capital market solutions.
“The Nigerian CP market has remained a viable option for corporate entities looking to raise funds to meet shortfalls in their working capital needs, as well as other short-term expenditures. As with previous papers issued under the programme and like all other securities listed, quoted and traded on the FMDQ Exchange platform, the Flour Mills CPs shall be availed market visibility through FMDQ Exchange’s website and systems; transparency through their inclusion in the FMDQ Daily Quotations List; governance and continuous information disclosure to protect investor interest; amongst other benefits derived from the preferred admission to FMDQ Exchange,” the exchange said.
FMDQ said that as the economic impact of COVID-19 continues to crystallise, it remains steadfast in contributing towards the emergence of a resilient financial market in Nigeria.
“The group and its subsidiaries shall continue to engage the market and invariably, deploy innovative strategies leveraging on the unrivalled capabilities within its vertically integrated market infrastructure to promote market development and expansion,” the exchange said.
FMDQ Group is Africa’s first vertically integrated financial market infrastructure (FMI) group which provides a one-stop platform for the seamless and cost-efficient execution, risk management, clearing, settlement and depository services, as well as data and information services across the debt capital, foreign exchange and derivatives markets in Nigeria.