FMDQ Securities Exchange Limited, on Friday announced the approval for the listing of the ₦34.5bn Series 1 Fixed Rate Bond by Presco Plc, a fully integrated agro-industrial establishment that specialises in the cultivation of oil palm plantations and milling and crushing palm kernels to produce a range of refined vegetable oil, under its ₦50bn Bond Issuance Programme on its platform.

Proceeds from the Series 1 bond, co-sponsored by Stanbic IBTC Capital Limited (Lead Sponsor), CardinalStone Partners Limited and Quantum Zenith Capital and Investments Limited – all Registration Member (Listings) of the Exchange, the FMDQ said, “will be used by the Issuer to refinance existing facilities from banks and to augment working capital requirements.”