Nigerian Breweries taps into FMDQ for funding boost
Key Highlights
FMDQ admits Nigerian Breweries Plc N16.49 billion Series 1, N5.03 billion Series 2, and N45.74 billion Series 3 CPs under its N100.00 billion CP Programme
The Commercial Paper (CP) market satisfies this requirement by providing competitive and timely access to capital, thereby helping corporates diversify their funding sources.
FMDQ Securities Exchange Limited last year welcomed the registration of the Nigerian Breweries Plc N100.00 billion Commercial Paper (CP) Issuance Programme.
FMDQ Securities Exchange Limited (FMDQ Exchange) has approved the quotation of N16.49 billion Series 1 of the Nigerian Breweries Plc, along side N5.03 billion Series 2, and N45.74 billion Series 3 CPs, under its N100.00 billion CP Programme that was admitted on its platform.
This is contained in a statement from FMDQ and made available to Nairametrics.
FMDQ disclosed that in other to guarantee sustained business operations in the current challenging economic environment, corporate institutions have continued to explore alternative financing options by tapping the debt capital market, to plug capital shortfalls.
The Exchange noted that access to capital remains a top priority for corporates, as capital is required to meet short-term debt obligations, such as working capital needs, funding expansion aspirations, and existing debt obligations.
Access to capital
It added that the Commercial Paper (CP) market satisfies this requirement by providing competitive and timely access to capital, thereby helping corporates diversify their funding sources.
”Through the registration of this CP Programme, which is sponsored by Stanbic IBTC Capital Limited (the Lead Sponsor), FCMB Capital Markets Limited, and FBNQuest Merchant Bank Limited, all Registration Member (Quotations) of the Exchange, the Issuer is availed the opportunity to raise short-term finance from the Nigerian debt markets at a time it deems suitable, through CP issuances, within the CP Programme limit,” FMDQ said.
What you should know
FMDQ Securities Exchange Limited last year welcomed the registration of the Nigerian Breweries Plc N100.00 billion Commercial Paper (CP) Issuance Programme on its platform in August 2022.
Nigerian Breweries Plc is the pioneer and largest brewing company in Nigeria, engaged in the making and selling of lager, stout, non-alcoholic malt, and soft drinks. Nigerian Breweries operates over ten (10) breweries and approximately two (2) malting plants across the country.
Related
Full Story: https://nairametrics.com/2023/05/11/nigerian-breweries-taps-into-fmdq-for-funding-boost/
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