Mixta Real Estate Quotes N1.7bn Commercial Paper on FMDQ Exchange
The FMDQ Securities Exchange Limited has approved the quotation of the Mixta Real Estate Plc N1.66 billion Series 33 Commercial Paper (CP) under its N20 billion CP Issuance Programme.
The move was part of the exchange’s efforts towards empowering the Nigerian financial market.
According to FMDQ, the quotation of the Mixta Real Estate Plc N1.66 billion Series 33 CP is another testament of exchange’s leadership and resilience in providing the required support to governments, corporates and individuals through the delivery of innovative and dependable capital market solutions.
“The CP market has continued to prove a viable alternative for corporate entities in diverse business areas looking to secure short-term funding for working capital requirements and other capital expenditures. It avails them with numerous opportunities to carry on with key business activities which contribute to the revitalisation of the Nigerian economy despite the pandemic,” it said.
FMDQ noted that like all other securities listed quoted and traded on platform, The Mixta CP, shall be availed global visibility through FMDQ 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 amongst other benefits derived from its preferred admission to the FMDQ Exchange platform.
FMDQ explained that despite the underperformance of the Nigerian real estate sector last year, as affected by the negative impact of the COVID-19 pandemic, operators in this sector are optimistic that there could be an early rebound in 2021.
“However, affordability continues to be a major limiting factor to home ownership at the bottom of the income pyramid in Nigeria due to the high inflation rate and cost of building materials. As the leading organiser for the Nigerian debt capital market (DCM) and in its role as a catalyst for infrastructure development, FMDQ Securities Exchange Limited provides a choice platform for the registrations, listings, quotations, and trading of debt securities, towards empowering the Nigerian financial market,” it said.
Mixta Real Estate PLC (“Mixta”), a subsidiary of Mixta Africa, is a leading real estate development company in Nigeria. It has a strong track record and diverse real estate portfolio, with operations spanning the residential, commercial, and retail sectors of the Nigerian real estate industry. Mixta has successfully delivered close to 4,400 real estate assets, comprising homes, plots and retail outlets to end-buyers and continues to seek innovative solutions to activate development finance for affordable housing in Nigeria.