Nigeria’s premium brewing company, Nigerian Breweries plc has announced the simultaneous listing of its 3 N1.05 billion Series 12, N0.94 billion Series 13, and N2.67 billion Series 14 Commercial Papers series on the FMDQ Securities Exchange platform under the company’s capital raising through its N100 billion Commercial Papers issuance programme. The company, in a statement by Rob Kleinjan, Finance Director, Nigerian Breweries Plc, revealed.
According to the statement, “Nigerian Breweries PLC is delighted to announce the quotation of series 12 to 14 CP issuances under its N100 billion CP Issuance Programme. We are pleased with the continuous opportunity to access alternative sources of funding to meet our short-term working capital needs.”
FMDQ Exchange, in a statement, revealed that Nigerian corporate institutions have continued to successfully tap into the Nigerian debt capital markets to gain access to stable short, medium and long-term finance to finance key operations in their organisations. The Exchange also noted that the CP market has shown resilience by providing issuers with continued opportunity to grow their businesses, whilst contributing to the overall growth of the Nigerian economy.
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Furthermore, Oluseun Olatidoye, the Head, Capital Markets, FBNQuest Merchant Bank Limited, who is also the co-sponsor to the issue and registered member on FMDQ Exchange alongside FCMB Capital Markets Limited and Stanbic IBTC Capital Limited as co-sponsors, said the funds raised will be utilised to meet the working capital needs of Nigerian Breweries PLC, and FBNQuest Merchant Bank is pleased with its role in further deepening the domestic debt markets.
This listing, brings the total CPs series issued by the issuer, since the renewal of its N100 billion CP Programme in 2019, to N156.20 billion, with a total of N14.76 billion currently active.
Meanwhile, FMDQ had stated that the quotation of Nigerian Breweries CPs and other CPs on the Exchange’s platform validates its conscious drive to support the goals of corporate businesses and to deepen the Nigerian financial markets. The Exchange reiterated its commitment to powering the growth of the Nigerian debt capital market by continuously making available its efficient and value-adding platform for the registration, listing, quotation and trading of securities on the platform.
Economy September 23, 2020