Fixed Income

Govts, Corporate Raise N4.6r YTD, As MeCure Industries Lists N3bn Bond

Despite the resort to remote trading with people working from home as part of its business continuity project, the management of the Nigerian Exchange Limited, at the weekend, said it has since the beginning of this year facilitated needed financing of over ₦4.6tr.

This, it said, is the value of capital raised by governments and corporates across various asset classes in the market, as remote trading and working from home continues since the end of March last year.

In a statement on Sunday to commemorate the listing of the N3bn bond 5-Year Series 1 Fixed rate Senior Secured Bond with a digital Closing Gong Ceremony by Me Cure Industries Limited, a leading healthcare company, on Friday, May 21, 2021.

The listing of the bond issued through Mecure Industry Funding SPV Plc under its ₦20bn Debt Issuance Programme, according to Olumide Bolumole, the Divisional Head, Listings Business, NGX Limited, “represents a pivotal milestone in the growth journey of Mecure industries.”

He congratulated the company’s board and management for the landmark achievement, “as well as the commitment towards ensuring the sustained growth of the company. Looking ahead, we encourage Me Cure and other unlisted issuers to utilize the NGX platform to meet future capital needs across debt and equity to support business expansion in line with their overall corporate strategy.”

Speaking on the milestone achievement, an obviously elated Chairman of Me Cure Industries, Samir Udani said “entrepreneurs like me live for days like this and it is a matter of pride to be welcomed as a new member of the NGX family.

“The path to success is steep, but with the encouragement of NGX, we at Me Cure will contribute to building and shaping Nigeria’s healthcare industry any way we can. COVID-19 has shown how countries can become vulnerable, making Healthcare investments are must-have in our country.

“Therefore, we are focused on sustaining and growing our existing basket of over 100 products. Finally, we are pleased to say that our paths will once again cross as we have made the bold decision to list on the Growth Board of NGX in coming months,” he added.

Group Executive Director, Cordros Capital, the Lead Financial Adviser/Issuing House, Femi Ademola, expressed appreciation to capital market stakeholders and other professional parties to the transaction, such as Vetiva Capital Management Limited and Greenwich Merchant Bank Limited.

He acknowledged the collaboration enjoyed from the the NGX management for the opportunity to join Me Cure for the listing, and the issuer for the faith to drive the process through.

“We believe the healthcare sector is important in the economic growth of Nigeria because of its invaluable contribution to Human Capital Development, which should be prioritised at this time.”

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