Flour Mills, UACN List N20.50 Billion Commercial Papers on FMDQ
Nigerian Agribusiness Company, Flour Mills of Nigeria Plc and UACN Property Development Company Plc have listed N20.50 billion commercial papers on the FMDQ OTC Securities Exchange.
The FMDQ, in its monthly newsletter, said it maintained its support for the development of the Nigerian commercial paper market by steadfastly availing its highly efficient and credible platform for the registration, listings, quotations, noting, trading and reporting of debt securities.
It said its Board Listings, Markets and Technology Committee approved the quotations of Flour Mills’ N5.18 billion Series 5 and N1.74 billion Series 6 CP under a N100 billion CP issuance programme and UACN’s N5.62 billion Series 32 and N7.96 billion Series 33 CP under a N24 billion CP issuance programme to its platform.
It stated that in addition to the efficient registration process, the quotations of the CPs on its platform would avail Flour Mills and UACN benefits, which included enhanced investor confidence in the issuers, transparent/relevant information disclosure on the issues, effective price formation and global visibility.
The newsletter read in part, “In line with our strategic objectives to support institutional growth and stimulate continuous development of the economy at large, the FMDQ has shown its steadfastness in aligning the Nigerian debt capital markets to international standards through the promotion and provision of a world-class quotations service, availing issuers and investors the much-needed global visibility, confidence and protection in the markets.”