FMDQ Securities Exchange Limited has approved the registration of Fidson Healthcare Plc’s N10 billion Commercial Paper (CP) Programme on its platform.
This is as part of FMDQ’s commitment to the continuous development of the Nigerian financial market in collaboration with market stakeholders.
According to a statement by the FMDQ on Thursday, Fidson joined other corporate institutions across various sectors of the economy, to not only raise capital to support its business operations, but to also enjoy the benefits of visibility, transparency and liquidity that come with FMDQ’s quotation service.
“The registration of the Fidson Healthcare Plc CP Programme, as the third on the exchange’s platform in 2021, validates its conscious drive to support the goals of corporate businesses and to deepen the Nigerian capital market by steadfastly availing its efficient platform for the registration, listing and quotation of debt securities,” FMDQ said.
Commenting on the approval, the Chief Financial Officer, Fidson Healthcare Plc, Imokha Ayebae, said, said the proceeds from the programme will be used to meet the company’s short-term working capital requirements, that would be expended on providing quality services to customers.
“We are glad about the successful registration of Fidson Healthcare Plc’s N10.00 billion CP Programme on the FMDQ platform,” Ayebae said.
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“This is particularly significant as it coincides with the company’s 26th anniversary on March 1, 2021. Since its inception in 1995, Fidson Healthcare Plc has remained committed to the growth of the healthcare sector in Nigeria.
“This strategic move aligns with our vision to be the preferred healthcare provider as a leading player in the pharmaceutical manufacturing industry in Nigeria and West Africa.
“The CP Programme, which is poised to further broaden the company’s sources of capital by accessing funding from the Nigerian debt capital markets, will also reduce our overall funding costs.”
Also commenting, Head, Investment Banking, FSDH Capital Limited, the sponsor to the issue on FMDQ Exchange, Taiwo Olatunji, said FSDH Capital Limited was pleased to act as sponsor and lead arranger on the registration of the Fidson Healthcare Plc CP programme on the platform.
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“We believe that the admission of the CP on the FMDQ platform will ensure its global visibility and enhanced liquidity, which will in turn raise the corporate profile of the issuer even further ahead of tapping into other opportunities in the Nigerian capital market,” Olatunji said.
