Modupe Gbadeyanka
By Modupe Gbadeyanka
The N540 million series 2 bond issued by Chellarams Plc in 2012 under its N5 billion medium term note programme has finally matured.
Business Post reliably gathered that the notes matured last month and was subsequently delisted from the trading floor of the Nigerian Stock Exchange (NSE).
On Thursday, February 16, 2012, the conglomerate issued the senior unsecured N540 million bond after its approval by the Securities and Exchange Commission (SEC).
The firm, listed on the Nigerian Stock Exchange (NSE), had issued a total of 540,000 units of the bond at the rate of N1,000 per unit at MPR five percent.
It was then sold with the aim of using proceeds of the bond towards replacing infrastructure investment in associated companies (Dynamic industries and Woolworths Retails Stores).
Chellarams Plc and its subsidiaries mainly deal in distribution, trading, assembling of motorcycles and bicycles; manufacturing of bakery product packaging materials, chemical supplies, retail clothing, electronics, packaging of milk products and other dairy products.
Last month, Chellarams Plc introduced a product called Real Active Malted food drink into the Nigerian market.
The new food drink was manufactured by a subsidiary of the publicly quoted firm, ChellaramsDMK Limited.
The product is targeted at children and adults in the society and the company hopes to improve its revenue with this energy providing drink.
At the close of business last Friday, Chellarams Plc was trading its equities on the floor of the NSE at N3.08k per unit.
