Dipo Olowookere
By Dipo Olowookere
The first and second tranches of the bonds issued by Flour Mills of Nigeria Plc have been listed on the trading platform of the Nigerian Stock Exchange (NSE).
The notes, worth N29.8 billion, were admitted to the exchange on Thursday and commemorated with a digital closing gong ceremony. The bonds were sold under the company’s N70 billion bond issuance programme.
Speaking at the ceremony yesterday, the Group MD/Chief Executive Officer of Flour Mills, Mr Omoboyede Olusanya, expressed gratitude to the exchange for the event, noting that “we are excited about the role the exchange is playing in deepening secondary market activities in the Nigerian market in line with international best practice.”
“The issuance of the N29.8 billion tranche A and B bond coincides happily with the 60th anniversary of Flour Mills Plc and fully utilises the N70 billion programme registered in 2018.
“We will continue to explore opportunities to raise funds via the capital market as this has allowed us to diversify our funding sources whilst playing a critical role in the development of our market,” he said.
In his remarks, the Divisional Head, Listings Business at the NSE, Mr Olumide Bolumole, disclosed that, “It has been a positive start to the Nigerian capital market in the new year and we are pleased to commemorate the listing of Flour Mills’ N29.8 billion tranche A and tranche B bond issue, the final series under its N70 billion bond issuance programme.
“As is our custom to celebrate significant milestones and accomplishments of our issuers, we also applaud and recognise the contributions of Mr Paul Padedo, who recently retired after 38 years of meritorious service and congratulate Mr Olusanya on his appointment as the Group MD/CEO at the NSE, we remain committed to supporting the strategic objectives of our issuers, providing a platform for raising capital even in the toughest of times.”
