Flour Mills, UACN Property Raise N20.5bn to Bolster Operations
By Dipo Olowookere
In order to improve their performances, the managements of Flour Mills of Nigeria Plc and UACN Property Development Company Plc have sold commercial papers worth N20.5 billion to investors.
Flour Mills issued N5.18 billion Series 5 and N1.74 billion Series 6 commercial papers under a N100 billion CP Issuance Programme, while UACN Property offered N5.62 billion Series 32 and N7.96 billion Series 33 CP under a N24 billion CP Issuance Programme.
Business Post reports that last month, after the commercial papers were issued, the two companies approached the FMDQ OTC Securities for listing.
Not too long ago, the Board Listings, Markets and Technology Committee of FMDQ approved the listing. Consequently, the commercial papers of both firms are now being traded on the platform.
The quotations of these CPs on FMDQ will avail Flour Mills and UACN Property benefits which include, but are not limited to, enhanced investor confidence in the issuers, transparent/relevant information disclosure on the issues, effective price formation and global visibility.
FMDQ has continually maintained its support for the development of the Nigerian commercial paper (CP) market by steadfastly availing its highly efficient and credible platform for the registration, listings, quotations, noting, trading and reporting of debt securities.
In line with its strategic objectives to support institutional growth and stimulate continuous development of the economy at large, 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.