Ardova PLC (“Ardova” or “the Issuer”) is a leading
indigenous and integrated energy company involved in the distribution of
petroleum products.
With an extensive network of over four hundred and fifty
(450) retail outlets in Nigeria and significant storage facilities, Ardova
procures and distributes petrol (PMS), diesel (AGO), kerosene (DPK) and
liquefied petroleum gas (LPG), and also manufactures and distributes a wide
range of quality lubricants from its oil blending plant in Lagos.
The proceeds generated from these issuances will be utilised
by the issuer for retail expansion projects, upgrade of existing
infrastructures, provision for debt service reserve account funding and other
working capital requirements.
The Chief Executive Officer, Ardova PLC, Mr. Olumide
Adeosun, commented on the listing, stating “we are humbled by the warm
reception of our Tranche A and Tranche B Series 1 bonds issued by Nigeria’s
ever growing institutional investor community. The 7-year and 10-year tranches
provide Ardova with the much-needed flexibility to expand our operations and
increase our footprint across the country.
Our relationship with Nigeria’s debt capital markets
commenced in December 2016 with the issuance of the Company’s debut bonds. This
landmark transaction evidences our commitment to nurturing this relationship
and adopting the debt capital markets as a fundamental part of our funding
strategy on our journey towards being the largest supplier of energy for a
brave new world”.
Also speaking on the successful issuances, the sponsor of
the bonds and a Registration Member (Listings) of FMDQ Exchange, Vetiva Capital
Management Limited, represented by the Managing Director/Chief Executive
Officer, Mr. Chuka Eseka said “Vetiva is delighted to have provided Ardova with
full-scope advisory and issuing house services on the offer.
The success of the transaction demonstrates investors’
confidence in the management, vision, and purpose of the Ardova team and we
thank the Board and management of Ardova for giving Vetiva the opportunity to
lead on this landmark transaction. We are very proud to be associated with
Ardova and look forward to extending our advisory capabilities to the Company
on its other strategic initiatives”.
The admittance of the Ardova bonds on the FMDQ Exchange
platform validates the Exchange’s conscious drive to support the goals of
corporate businesses and to deepen the Nigerian debt capital market by
steadfastly availing its efficient platform for the registration, listing and
quotation of debt securities.
FMDQ Group is Africa’s first vertically integrated financial
market infrastructure (FMI) group, strategically positioned to provide
registration, listing, quotation and noting services; integrated trading,
clearing & central counterparty, settlement, and risk management for
financial market transactions; depository of securities, as well as data and
information services, across the debt capital, foreign exchange, derivatives
and equity markets, through its wholly owned subsidiaries – FMDQ Exchange, FMDQ
Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited.
As a sustainability-focused FMI group, FMDQ Group, through
FMDQ Exchange, operates Africa’s premier Green Exchange – FMDQ Green Exchange –
positioned to lead the transition towards a sustainable future.
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