Over the counter security trading platform, FMDQ OTC Securities Exchange, has listed the N16,799,893,000.00 Commercial Paper (UPDC CP) of UACN Property Development Company (UPDC) PLC on its platform having met its requirements and approval of board.
According to FMDQ, this CP represents series 1 under the organisation’s ₦24,000,000,000.00 CP Issuance Programme. In commemoration of this quotation, a Quotation Ceremony was held at the FMDQ offices to formally welcome the CP on the Exchange, Worldstage reports.
UPDC CP became the fifth CP admitted for quotation since the release of the rules by FMDQ. Amongst the attendees at the ceremony were, Mr. Hakeem Ogunniran, Managing Director UPDC PLC, representing the issuer of the CP; Mr. Kayode Akinkugbe, Chairman & Director, FBN Capital Limited and Mr. Abubakar Jimoh, Managing Director/CEO, Coronation Merchant Bank Nigeria Limited, represented by Mr. Aigbovbioise Aig-Imoukhuede, Executive Director, Coronation Merchant Bank Nigeria Limited, both FMDQ Registration Members (Quotations) and co-sponsors of the issue on the platform.
Highlights of the Ceremony included the signing of the FMDQ CP Quotations Register, the presentation of the FMDQ CP Quotations Certificate to the issuer and the autographing of the FMDQ CP Quotations Yearbook, among others.
Managing Director/CEO, FMDQ,Mr. Bola Onadele Koko, in his remarks, congratulated UPDC PLC and highlighted that the quotation of this real sector CP, was evidence of the positive progression in the Nigerian CP market, serving to instil confidence in the possibilities of the Nigerian financial market.
He stated that FMDQ, as the market organiser, desirous of building a sustainable CP market in the Nigerian financial market space, promotes credibility for quoted CPs, through a highly efficient registration process and the provision of invaluable information, instituting financial market infrastructures, in line with global standards, to drive, among others, transparency, governance, market oversight, integrity and market liquidity with a view to protecting stakeholder interests.
Ogunniran, the UPDC boss in his address acknowledged that the CP issuance had afforded UPDC a better opportunity to successfully diversify its short-term funding sources at a 25% reduced cost, thereby enhancing their value-creating capability for UPDC’s various stakeholders.
