FMDQ Securities Exchange Limited (“FMDQ Exchange” or “the Exchange”), has approved the quotation of the Mixta Real Estate PLC N2.39bn Series 28 Commercial Paper under its N20.00bn Commercial Paper Issuance Programme and the CardinalStone Partners Limited N5.00bn Series 1 Commercial Paper under its N10.00bn Commercial Paper Issuance Programme on its platform.
The approval of the latest papers is part of the exchange’s commitment to the development of the Nigerian financial market by supporting strategic market-driven initiatives.
This is particularly apt when analysed within the context of the fact that the Nigerian Commercial Paper (“CP”) market remained a viable option for corporate entities looking to raise funds to meet shortfalls in their working capital, as well as other short-term expenditures.
Specifically, the Mixta Real Estate PLC and CardinalStone Partners Limited CPs would be used to finance the issuers’ short-term funding requirements.
In line with the standards of the FMDQ, the Commercial Papers, like all other securities listed/quoted and traded on the platform, shall be availed global visibility through the FMDQ Exchange website and trading systems; transparency through its inclusion in the FMDQ daily quotations list; governance and continuous information disclosure to protect investor interest; credible price formation amongst other benefits derived from being quoted on FMDQ Exchange.
Commenting on this debut CP issuance, CardinalStone Partners Limited representing the issuer stated: “The admission of the Issuance by CardinalStone on the Exchange will allow the Company consolidate its position as a credible borrower from institutional investors and one of the few non-bank affiliated financial services businesses that have accessed the debt capital markets.
“More importantly, the Issuance will form part of the Company’s strategy to diversify its financing mix and to fund its working capital requirements”, the company added.
As a world-class vertically integrated financial market infrastructure group, committed to advancing the growth of the Nigerian financial market, FMDQ Holdings PLC (“FMDQ” or “FMDQ Group”) has promised to continue to take crucial steps, in collaboration with market stakeholders, towards promoting transparency, governance, integrity and efficiency in the Nigerian capital market.
According to market analysts, the FMDQ Securities, which is largely driven by innovation, collaborative relationships and future-forward technology, is positioned to bring about revolutionary changes in the Nigerian capital market through its exchange, clearing, depository and private markets subsidiaries; providing a seamless process and value-chain for the market participants to commence and end their financial market transactions.
These transformation drives will be carried out in accordance with its strategic role as a market organiser and its evolution into a systemically important financial market infrastructure group within the Nigerian financial market ecosystem.