By Dipo Olowookere
In order to strengthen its balance sheet, Flour Mills of Nigeria Plc has announcing fresh capital of up to N30 billion.
The funds were sourced through the issuance of commercial papers, short-term unsecured promissory notes sold by companies to investors for immediate capital.
In 2018, Flour Mills registered a N100 billion commercial paper programme with the FMDQ Securities Exchange and since then, it has issued the debt instrument to carry out some critical business activities.
In a notice dated April 14, 2020 to the Nigerian Stock Exchange (NSE), the management of the leading food and agro-allied organisation said it’s issued series 13 and 14 of the scheme.
“Flour Mills of Nigeria Plc, Nigeria’s leading food and agro-allied group, announces the issuance of N30 billion (series 13 & 14), under its N100 billion commercial paper programme, which was registered with the FMDQ on August 24, 2018.
“All issuance totalling N7 billion under the programme are quoted on the FMDQ Exchange.
“The management of FMN disclosed that the commercial paper programme will help the company to strengthen its balance sheet, while it continues to focus on its strategic objective of sustaining its market leadership position within the foods and agro-allied space,” the statement signed by the company secretary/director of legal services, Umolu Joseph, stated.
