Flour Mills of Nigeria Quotes ₦64.97bn CP On FMDQ Exchange’s Platform

FMDQ Securities Exchange Limited has quoted ₦13.33bn Series 1 and ₦51.64bn Series 2 Commercial Papers of Flour Mills of Nigeria Plc a Nigerian food and agro-allied company under its ₦200bn CP Issuance Programme on the Exchange’s Platform on March 13, 2023.
Flour Mills of Nigeria which evolved from a limited liability company to a publicly traded company, with a vertically integrated supply chain of food, agro-allied, logistics and support services businesses.
The group is involved in the production of a wide range of food products, including flour, pasta, noodles, and ball foods.
Proceeds from the quotation of these CPs, which are sponsored by FBNQuest Merchant Bank Limited (Lead Sponsor), Chapel Hill Denham Advisory Limited, FCMB Capital Markets Limited and United Capital Plc (Co-Sponsors) – all Registration Member (Quotations) of the Exchange, will be utilised by the Issuer to support its short-term funding requirements.
Speaking on the successful issuance of the CPs, the Group Chief Financial Officer, Flour Mills of Nigeria Plc, Anders Kristiansson, said the company is pleased “to announce the quotation of the ₦13.33bn Series 1 and ₦51.64bn Series 2 CPs on FMDQ Exchange.
“This joint quotation is aimed at harnessing alternative funding sources to meet some of our working and other capital requirements as we seek to deepen strategic, growth-consolidating investments across our value chains and in enabling capabilities that would unlock greater value for our stakeholders,” he added.
Also, commenting the Head, Capital Markets, FBNQuest Merchant Bank Limited, Oluseun Olatidoye, stated “FBNQuest Merchant Bank Limited (“FBNQMB”), the investment banking and asset management subsidiary of FBN Holdings PLC, is pleased with its role as Lead Arranger on the registration of the Flour Mills ₦200bn CP Programme and the subsequent quotation of the first two issuances under that Programme – ₦13.33bn Series 1 and ₦51.64bn Series 2.
“FBNQMB has a strong reputation for helping indigenous corporates access the capital markets to meet their funding goals and we are pleased to have been able to assist Flour Mills in tapping into the debt markets to access funding to meet their working and other capital requirements,” he added.
The Nigerian CP market, according to a statement by the exchange, has remained a viable funding option for corporate entities seeking to finance their short-term expenditures, including working capital shortfalls.
The Flour Mills CPs, as with other securities listed, quoted, and traded on the FMDQ Exchange’s platform, will benefit from the Exchange’s diversified market stakeholders, its highly responsive and efficient listing and quotation processes, and credible benchmark pricing required for appropriate portfolio valuation, amongst others.
In support of its mandate to deepen the Nigerian financial markets, FMDQ Exchange says it will continue to support the efficient allocation of capital by providing a credible platform for capital formation and effective intermediation towards fostering economic growth and development.

Sign In

Register

Reset Password

Please enter your username or email address, you will receive a link to create a new password via email.