FMDQ Securities Exchange Limited, on Monday, said it has approved the quotation of ₦4.5bn Series 1 Commercial Paper by Fidson Healthcare Plc, a leading pharmaceutical manufacturing company, with over 35 registered products, across different therapeutic areas, in the pharmaceutical industry, under its ₦10bn Issuance Programme.
Proceeds of the issuance will be used by Fidson Healthcare to finance its short-term working capital requirements, in addition to broadening its sources of funding and lowering overall cost of borrowing, according to the Chief Financial Officer, Imokha Ayebae.
Speaking further on successful issuance, he said “it will also strengthen our commitment to the vision of building sustainable brands that will foster our expansion and growth plans in the pharmaceutical industry across West Africa.
“We acknowledge the support of the investor community in ensuring the success of the CP issuance. We will continue to assure their confidence in us as we deliver on our objectives of innovation and development within the Nigerian healthcare space,” he added.
The Head, Investment Banking, FSDH Capital Limited, sponsor of the CP and Registration Member (Quotation) of FMDQ Exchange, Taiwo Olatunji, also expressed belief ‘that the CP Issuance has provided the company with access to a wider pool of well-informed investors, increased liquidity and increased visibility within the Nigerian DCM”.