FMDQ Exchange Admits Dangote Cement N100bn CP Notes
By Adedapo Adesanya
FMDQ Securities Exchange Limited has announced the approval of the quotation of Dangote Cement Plc N34 billion Series 15 and N66 billion Series 16 Commercial Paper (CP) notes under its N150 billion Domestic CP Issuance Programme on the exchange’s platform.
This comes on the back of debt issuances on the exchange, including the recently quoted Flour Mills of Nigeria N30 billion CP notes, Sterling Bank N15 billion CP notes and the United Capital N5.32 billion CP notes, amongst others.
According to the exchange, “despite the economic headwinds associated with the transition of businesses into the new normal in view of the COVID-19 pandemic, the Dangote Cement CP issuance and subsequent quotations on FMDQ Exchange – remarkably, the largest CP issuance by a non-financial institution in Nigeria – is another testament of the efficient listings and quotations service offered by FMDQ Exchange as well as the Exchange’s continued efforts to position the Nigerian capital market to support corporates and businesses seeking to raise capital to finance their funding needs.
“FMDQ Holdings Plc (FMDQ) has through its subsidiary, FMDQ Exchange continued to provide the required support to governments, corporates, and individuals through the delivery of innovative and dependable capital market solutions.
“As with previous notes issued under the Programme and like all other securities listed, quoted and traded on the FMDQ Exchange platform, the Dangote Cement CPs shall be availed global visibility through FMDQ Exchange’s website and systems, as well as through their inclusion in the FMDQ Daily Quotations List, in order to ensure and maintain information transparency.
“Through the Listings and Quotations Compliance function at FMDQ Exchange, investors are guaranteed continued disclosure of the issuer’s obligations to enable this important category of market stakeholders make informed decisions.
“In line with the Group’s vertically integrated market structure, investors are also provided with a secure securities depository for the lodgement of their assets via FMDQ Depository Limited, thus ensuring an efficient and seamless flow of transactions from start to finish on FMDQ.”