In light of this, the Exchange is pleased to announce the
quotation of the Flour Mills of Nigeria PLC ₦13.33 billion Series 1 and ₦51.64
billion Series 2 Commercial Papers (“CPs”) under its ₦200.00 billion CP
Issuance Programme on the Exchange’s Platform on March 13, 2023.
Flour Mills of Nigeria PLC (“Flour Mills” or the “Issuer”)
is a Nigerian food and agro-allied company which evolved from a limited
liability company to a publicly traded company, with a vertically integrated
supply chain of food, agro-allied, logistics and support services businesses.
It is involved in the production of a wide range of food products, including
flour, pasta, noodles, and ball foods.
The proceeds from the quotation of these CPs, which are
sponsored by FBNQuest Merchant Bank Limited (Lead Sponsor), Chapel Hill Denham
Advisory Limited, FCMB Capital Markets Limited and United Capital PLC
(Co-Sponsors) – all Registration Member (Quotations) of the Exchange, will be
utilised by the Issuer to support its short-term funding requirements.
Speaking on the successful issuance of the CPs, the Group
Chief Financial Officer, Flour Mills of Nigeria PLC, Mr. Anders Kristiansson,
stated “Flour Mills of Nigeria PLC is pleased to announce the quotation of the
₦13.33 billion Series 1 and ₦51.64 billion Series 2 CPs on FMDQ Exchange.
This joint quotation is aimed at harnessing alternative
funding sources to meet some of our working and other capital requirements as
we seek to deepen strategic, growth-consolidating investments across our value
chains and in enabling capabilities that would unlock greater value for our
stakeholders.”
Also, the Head, Capital Markets, FBNQuest Merchant Bank
Limited, Mr. Oluseun Olatidoye, stated “FBNQuest Merchant Bank Limited
(“FBNQMB”), the investment banking and asset management subsidiary of FBN
Holdings PLC, is pleased with its role as Lead Arranger on the registration of
the Flour Mills ₦200.00 billion CP Programme and the subsequent quotation of
the first two issuances under that Programme – ₦13.33 billion Series 1 and
₦51.64 billion Series 2.
FBNQMB has a strong reputation for helping indigenous
corporates access the capital markets to meet their funding goals and we are
pleased to have been able to assist Flour Mills in tapping into the debt
markets to access funding to meet their working and other capital
requirements.”
The Nigerian CP market has remained a viable funding option
for corporate entities seeking to finance their short-term expenditures,
including working capital shortfalls.
The Flour Mills CPs, as with other securities listed,
quoted, and traded on the FMDQ Exchange’s platform, will benefit from the
Exchange’s diversified market stakeholders, its highly responsive and efficient
listing and quotation processes, and credible benchmark pricing required for
appropriate portfolio valuation, amongst others.
In support of its mandate to deepen the Nigerian financial
markets, FMDQ Exchange will continue to support the efficient allocation of
capital by providing a credible platform for capital formation and effective intermediation
towards fostering economic growth and development.
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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