The management of CardinalStone Partners Limited, on Thursday, was at the Nigerian Exchange Limited (NGX) to mark the debut listing of its N5bn bond with a digital Closing Gong Ceremony.
Speaking at the event, the Divisional Head, Listings Business, NGX Limited, Olumide Bolumole expressed delight at “the successful listing of the CardinalStone Financing SPV Plc’s ₦5bn Series I Bond on the NGX Platform as it creates an avenue for price discovery and liquidity for existing and new investors.
“The full subscription of the listing recorded demonstrates investors’ confidence in CardinalStone which now better positions the company to sustain its impressive growth in the coming years,” he added.
Also speaking, the Group Managing Director, CardinalStone Partners Limited, Michael Nzewi said the listing “represents the attainment of our aspiration to list some of the securities in our capital structure on The Exchange.”
He thank the NGX for “the opportunity to list on its platform; without their support, we would not be here today. We would like to assure NGX that we are committed to finding ways to leverage its products and services and drive participation in the capital market from other institutions. Of course, we appeal to our colleagues in the industry to take advantage of the opportunity to raise capital on NGX just like we have.”
Also speaking, Managing Director, CardinalStone Asset Management, Mohammed Garuba aapplauded the “NGX for facilitating seamless remote trading over the past year; the impact is clearly seen in capital raising activities on the bourse. I must also congratulate NGX on the recent launch of its campaign, The Stock Africa Is Made Of. It is indeed an exciting initiative as it has helped to re-engage key players within the capital market value chain.
“While a lot of focus has been on equities in the past, listing a bond is another way to not only raise capital but also improve governance within an organisation, which was our experience. We have learnt from this process, and are willing to support counterparts and clients who wish to embark on this journey,” he stressed.
Prior to sounding the gong, Managing Director, ChapelHill Denham Advisory Limited (the Lead Financial Adviser/Issuing House), Mrs. Kemi Awodein, expressed appreciation for the opportunity to have led the issuance of their bond listing.
“When we opened the book in 2020, we could not have envisaged that we would have a book in excess of N6Bn but that was the strength of acceptance of CardinalStone on the buy-side and for that, we must thank all our investors,” he added, appreciating the Securities and Exchange Commission (SEC) for their support through the process.