FMDQ Lists Flour Mills’ N30bn Commercial Papers

FMDQ Securities Exchange Limited has announced the approval of the quotation of the Flour Mills of Nigeria Plc N10bn Series 13 and N20bn Series 14 Commercial Paper notes.

The notes are part of the firm’s N100bn CP Issuance Programme on the Exchange’s platform, according to a statement from FMDQ.

FMDQ noted most businesses across the globe continued to grapple with the economic effects of the COVID-19 pandemic.

It said its parent company, FMDQ Holdings Plc, had therefore sustained its efforts in the provision of required support to governments, corporates and individuals through the delivery of innovative and dependable capital market solutions.

The statement said, “The Nigerian CP market has remained a viable option for corporate entities looking to raise funds to meet shortfalls in their working capital needs, as well as other short-term expenditures.

“As with previous papers issued under the programme and like all other securities listed, quoted and traded on the FMDQ Exchange platform, the Flour Mills CPs shall be availed market visibility through FMDQ Exchange’s website and systems.”

It added that the firm’s CPs would enjoy transparency through their inclusion in the FMDQ Daily Quotations List, and governance and continuous information disclosure to protect investor interest, among other benefits derived from the admission to FMDQ Exchange.

The statement said as the economic impact of COVID-19 continued to crystallise, the FMDQ Group remained steadfast in contributing towards the emergence of a resilient financial market in Nigeria.

It said, “The group and its subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited – shall continue to engage the market and invariably, deploy innovative strategies leveraging on the unrivalled capabilities within its vertically integrated market infrastructure to promote market development and expansion.”