Speaking during the ceremony, the Divisional Head, Listings
Business, NGX Limited, Mr. Olumide Bolumole stated, “In line with its
commitment to support Nigeria’s economic growth by providing a liquid,
efficient, and multi-asset securities exchange hub, NGX Limited continues to
provide a platform that offers investors varied options including Equity, Fixed
Income, Exchanged Traded Products (ETPs) and other Funds. We are, therefore,
excited about BUA Cement’s debut bond offering which was oversubscribed by 37%
to the tune of N137.82 Billion and represents the largest amount raised by a
corporate issuer in the history of Nigeria’s Debt Capital Market. Without a
doubt, this is a testament to the high level of confidence placed on this
reputable brand by its investors and the entire market.”
On his part, the CEO, BUA Cement Plc, Engr. Binji commented,
“I would like to thank the management of NGX Limited for the invitation to
bring trading activities to a close. Today marks another key milestone on our
journey to becoming the preferred cement manufacturer in Africa. As part of our
growth strategy, we took the deliberate decision to access the debt capital
market with the intent to raise N100 Billion in the first tranche of our N200
Billion programme. Given the overwhelming response and in accordance with the
Securities and Exchange Commission’s guidelines, we accepted N115 Billion as
the total subscription amount. For us this was clear assessment of our viable
business model, strong financial performance, and the strength of our product
offerings.”
Speaking on behalf of the parties to the transaction, the
Chief Executive, Stanbic IBTC Capital, Mr. Funso Akere stated, “We are,
extremely delighted to have advised BUA Cement Plc on this landmark transaction
where they took advantage of very supportive conditions in the debt capital
market to raise long term funding. On behalf of Stanbic IBTC Capital Limited,
Tiddo Securities and Union Capital, we would like to thank BUA Cement for
giving us a freehand to guide them and the commitment showed to make the
transaction a phenomenal success. We would also like to thank NGX for giving us
a platform to list the bonds.”
NGX has reiterated its commitment to providing issuers with
a platform that allows them to continue to raise capital even in the toughest
of times whilst also facilitating secondary market trading activities.
It would be recalled that The Nigerian Stock Exchange
recently completed its demutualisation which led to the creation of Nigerian
Exchange Group Plc (‘NGX Group’), as the non-operating holding company with
three operating subsidiaries, namely: Nigerian Exchange Limited (NGX), the
operating exchange; NGX Regulation Limited (NGX RegCo), the independent
regulatory arm of the Exchange; and NGX Real Estate Limited (NGX RelCo), the
real estate company.
0 comments:
Post a Comment