As part of offering businesses alternative financing options through the Nigerian debt markets, providing access to capital and plugging capital shortfalls, the FMDQ Securities Exchange Limited says it has approved the quotation of the Dangote Cement Plc’s ₦44bn Series 4 and ₦46bn Series 5 Commercial Papers under its ₦150bn CP Programme.
Proceeds of the CP issuance by Dangote Cement which has a production capacity of 51.6m tonnes per year across ten countries will be used to fund expansion projects, refinance short-term debts, as well as working capital expenditure.
The issuance was sponsored by Stanbic IBTC Capital Limited (Lead Sponsor), ARM Securities Limited, FSDH Capital Limited and Quantum Zenith Capital & Investments Limited (Co-Sponsors) – all Registration Member (Quotations)
The admission of these CPs and other debt securities on the Exchange, by corporates across diverse sectors, the exchange explained, “continue to validate FMDQ Exchange as the choice platform for the registration, listing and quotation of debt securities in the Nigerian financial markets.
“It also lays credence to the innovation, efficiency, and operational excellence for which the Exchange is reputed for, as endorsed by issuers, investors, and other market stakeholders. FMDQ Exchange shall continue to provide an efficient platform targeted at supporting the aspirations of institutions and government within the Nigerian financial markets,” the statement added.