FMDQ Securities Exchange Limited (FMDQ Exchange), a wholly-owned subsidiary of FMDQ Holdings Plc, on Thursday said it has through its Board Listings, Markets and Technology Committee, approved the registration of the Fidson Healthcare Plc ₦10bn Commercial Paper (CP) Programme on its platform.
The approval, which it said is part of its commitment to the continuous development of the Nigerian financial market, will enable Fidson, a major player in the Nigerian pharmaceutical industry raise capital to support its business operations, and play defining roles. In the process, it will also enjoying the benefits of visibility, transparency and liquidity that come with FMDQ’s Quotation Service.
A statement by Fidson’s Chief Financial Officer, Imokha Ayebae, expressed gratitude for the successful registration of the ₦10bn CP Programme on the FMDQ platform, a move he believes “is particularly significant as it coincides with the company’s 26th anniversary on March 1, 2021.
“Since its inception in 1995, Fidson Healthcare PLC has remained committed to the growth of the healthcare sector in Nigeria.”
The CP programme, he continued, will also reduce the company’s overall funding costs, as proceeds “will be used to meet the company’s short-term working capital requirements which are geared towards providing quality services to our valued customers.
“This strategic move aligns with our vision to be the preferred healthcare provider as a leading player in the pharmaceutical manufacturing industry in Nigeria and West Africa,” he added, stressing that the CP Programme is poised to further broaden the company’s sources of capital by accessing funding from the Nigerian debt capital markets.
Also commenting, Sponsor to the issue, FSDH Capital Limited, through its Head of Investment Banking, Taiwo Olatunji, expressed the pleasure of FSDH Capital to also play the role of Lead Arranger on the registration of the ₦10bn CP programme.
“We believe that the admission of the CP on the FMDQ platform will ensure its global visibility and enhanced liquidity, which will in turn raise the corporate profile of the issuer even further ahead of tapping into other opportunities in the Nigerian capital market,” he added.
The registration of the Fidson CP Programme is the third on the Exchange’s platform so far this year, in what FMDQ said “validates its conscious drive to support the goals of corporate businesses and to deepen the Nigerian capital market by steadfastly availing its efficient platform for the registration, listing and quotation of debt securities.
As an Exchange positioned to bring about revolutionary changes in the Nigerian capital market, FMDQ Exchange pledged that through the collective efforts of varied stakeholders, it promised to continue delivering value-adding initiatives, ranging from the continuous upgrade of its Listings & Quotations Service to product & market innovations, amongst others.