The management of FMDQ Securities Exchange Limited (FMDQ Exchange) says it has approved the quotation of the United Capital Plc Series 8 Commercial Paper ₦12.48bn Series 8 Commercial Paper (CP) under its ₦50bn CP Issuance Programme on its platform.
This latest quotation as corporates continually explore alternative financing options by tapping the debt capital market to sustain their business activities and plug capital shortfalls, the exchange said in a statement on Monday, brings to 21 the number of Commercial Papers valued at over ₦128.25bn admitted on the exchange so far in 2022.
A statement by FMDQ Exchange described United Capital Plc, the Issuer, as a leading financial services group focused on leveraging technology to empower businesses, individuals, and governments with excellent financial services.
Proceeds of the CP, co-sponsored by FSDH Capital Limited, UCML Capital Plc and NOVA Merchant Bank Limited, all Registration Member (Quotations) of FMDQ Exchange, the statement noted, will be used by the issuer to finance short-term working capital requirements.
In line with its strategic objectives to support institutional growth and deliver prosperity to Nigerians, FMDQ Exchange said it will continue to demonstrate its commitment towards delivering a globally competitive, operationally excellent, liquid and diverse (GOLD) standard to the Nigerian debt capital market by promoting and providing a world-class quotation service, availing issuers and investors the much-needed global visibility, confidence and protection in the markets.