NGX Woos Unlisted Companies Seeking Platform to Raise Funds
By Dipo Olowookere
Unlisted companies looking to raise funds to run their businesses have been advised to consider using the Nigerian Exchange (NGX) platform to achieve this goal.
The Divisional Head of Listings Business at NGX Limited, Mr Olumide Bolumole, gave this advice last Friday when a leading healthcare company serving millions of patients, Me Cure Industries Limited, listed its N3 billion 5-year series 1 fixed rate senior secured bond on the exchange.
Mr Bolumole said NGX has maintained its “commitment to driving sustainable products and responsible investment in our market.”
“We are, therefore, pleased to celebrate this listing from Me Cure, a company leveraging technology to help people fight everyday illnesses.”
“Today’s listing represents a pivotal milestone in the growth journey of Me Cure Industries and I congratulate its board and management for this landmark achievement, as well as the commitment towards ensuring the sustained growth of the company.
Looking ahead, we encourage Me Cure and other unlisted issuers to utilize the NGX platform to meet future capital needs across debt and equity to support business expansion in line with their overall corporate strategy,” he further said.
On his part, the Chairman of Me Cure Industries, Mr Samir Udani, stated that, “It gives me great pleasure to share this electronic podium as a business owner who has crossed a milestone today.
“Entrepreneurs like me live for days like this and it is a matter of pride to be welcomed as a new member of the NGX family. The path to success is steep, but with the encouragement of NGX, we at Me Cure will contribute to building and shaping Nigeria’s healthcare industry any way we can.”
“COVID-19 has shown how countries can become vulnerable, making healthcare investments are must-have in our country.
“Therefore, we are focused on sustaining and growing our existing basket of over 100 products.
“Finally, we are pleased to say that our paths will once again cross as we have made the bold decision to list on the growth board of NGX in coming months,” he said.
In his remarks, the Group Executive Director, Cordros Capital (Lead Financial Adviser/Issuing House), Mr Femi Ademola, expressed his appreciation to capital market stakeholders and other professional parties to the transaction like Vetiva Capital Management Limited and Greenwich Merchant Bank Limited.
“I must thank NGX for the opportunity to join Me Cure for this important occasion of listing. We appreciate the collaboration we enjoyed with NGX during this process and are confident this will continue into the future.
“We must also thank Me Cure for having faith in us to drive this process to a successful end. We believe the healthcare sector is important in the economic growth of Nigeria because of its invaluable contribution to human capital development, which should be prioritised at this time,” he further stated.
Me Cure Industries raised the N3 billion note under its N20 billion debt issuance programme.
NGX has continued to facilitate listing and trading activity in the market while remote trading and working from home continues.
This year, the exchange has facilitated needed financing of over N4.6 trillion in capital raised by governments and corporates across various asset classes.