FMDQ OTC Securities Exchange Lists N10billion Guinness Commercial Papers

FMDQ OTC Securities Exchange on Thursday, February 18, admitted N7.23 billion and N2.77 billion Guinness Nigeria Plc Commercial Papers (CPs). The CPs represent series 2 and 3, under the company’s N10 billion CP Issuance Programme.

The Divisional Head, Marketing & Business Development of FMDQ, Tumi Sekoni, who spoke on the listing said that Guinness Nigeria CPs as the second and third nonbank real sector CPs to be quoted on the exchange, following the quotation of the pioneer non-bank real sector CP, the N17,709,445,000.00 Nigerian Breweries Plc in November 2015.

She said the quoted Guinness Nigeria CPs would gain access to the full complement of the FMDQ quotations service, which includes but is not limited to global visibility, transparency and continuous disclosure of relevant information (such as issuer rating, issuance type, outstanding value and issuer history).

In his speech, Managing Director of Guinness Nigeria, Peter Ndegwa, said: “We are very pleased with the successful quotation of this CP issuance for Guinness Nigeria Plc and the support received from FMDQ and our advisors to enable this. The quoting of this CP has allowed us successfully diversify our short-term funding sources at a reduced cost whilst delivering value to our shareholders. We will continue to access the CP markets for optimal funding as ideal windows open for Guinness Nigeria to access funds from a varied pool of investors.”

In his remark, Managing Director/Chief Executive Officer of FMDQ, Mr. Bola Onadele. Koko congratulated Guinness Nigeria Plc on its decision to quote its CPs on FMDQ. He said the quotation of these CPs, being non-bank real sector institution CPs, was evident of the positive progression of the Nigerian CP market, serving to instill confidence in the possibilities of the Nigerian debt capital market.

He stated that FMDQ, as a securities exchange with an insatiable desire to develop the Nigerian CP market, promotes credibility for quoted CPs, through a highly efficient registration process, instituting requisite world-class standard financial market infrastructures to drive transparency, governance, market oversight, credibility and market liquidity to power growth in the Nigerian financial markets with a view to protecting stakeholder interests.

“As a securities exchange and self-regulatory organisation, with a commitment to facilitate growth and development in the financial market and Nigerian economy at large, FMDQ is committed to promoting an efficient, transparent and well regulated market, which will attract and retain investors (domestic and foreign),” he said.