The management of Nigerian Exchange (NGX) Limited, on Wednesday, said it listed the ₦13.7bn 5-Year Series 1 Fixed rate Senior Unsecured Bond of Emzor Pharmaceuticals, a private company, due 2026.
The listing, the first public instrument issued by Emzor, is part of a ₦50bn Debt Issuance Programme, followed its issuance on 20 January 2021, attracting interests from a diverse pool of institutional investors, and was priced at a coupon rate of 10.00% per annum.
With this listing, members of the general public who invested in the bond can now sell their investments, while those who wish to invest can do so, the NGX explained in a statement.
Speaking on the significance and success of the bond issue, the Group Managing Director, Emzor Pharmaceuticals, Dr. Stella Okoli, said proceeds of the bond issuance will be used to “drive and accelerate our expansion plans, delivering strong growth and margin improvement.”
Describing this maiden bond issuance as a fantastic achievement and in line with Emzor’s commitment to facilitate unlimited wellness by delivering quality and affordable medicines for all, Mrs. Okoli recognised “the efforts of the investor community ensuring the success of this bond issuance and commit to uphold their confidence in us as we deliver on our long- term growth strategy.”
Over the years, the statement said Emzor Pharmaceutical has become a household name and continues to establish its footprint as a leading manufacturer of high-quality pharmaceutical and medical consumables in Nigeria.
The bond issuance was facilitated by lead issuing house, Renaissance Securities (Nigeria) Limited, and joint issuing house, Afrinvest (West Africa) Limited, and a testament, the statement continued, to the company’s growth potentials, and the level confidence placed on the brand by the investing community.
On its part, NGX Limited said it continues to deliver on its commitment to provide a platform for issuers and investors to meet their investment objectives, recalling that exactly a week ago, the market witnessed the BUA Cement’s debut listing with a ₦115bn Bond issue, the largest of many corporate debt issuances in the history of the Nigerian capital market