{"id":1020820,"date":"2023-04-05T15:00:03","date_gmt":"2023-04-05T15:00:03","guid":{"rendered":"https:\/\/fmdqgroup.com\/exchange\/91949-2\/"},"modified":"2023-04-05T15:00:03","modified_gmt":"2023-04-05T15:00:03","slug":"91949-2","status":"publish","type":"post","link":"https:\/\/fmdqgroup.com\/exchange\/91949-2\/","title":{"rendered":"Flour Mills of Nigeria PLC Quotes \u20a664.97 Billion Commercial Papers on FMDQ Exchange\u2019s Platform"},"content":{"rendered":"
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To accelerate the development of the Nigerian debt markets, FMDQ Securities Exchange Limited (\u201cFMDQ Exchange<\/strong>\u201d or the \u201cExchange<\/strong>\u201d) continues to use its credible platform to provide enhanced registration, listing, quotation, and trading of debt securities in the Nigerian financial markets. In light of this, the Exchange is pleased to announce the quotation of the Flour Mills of Nigeria PLC \u20a613.33 billion Series 1 and \u20a651.64 billion Series 2 Commercial Papers (\u201cCPs\u201d) under its \u20a6200.00 billion CP Issuance Programme<\/strong> on the Exchange\u2019s Platform on March 13, 2023.<\/p>\n

Flour Mills of Nigeria PLC (\u201cFlour Mills<\/strong>\u201d or the \u201cIssuer<\/strong>\u201d) 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) \u2013 all Registration Member (Quotations) of the Exchange, will be utilised by the Issuer to support its short-term funding requirements.<\/p>\n

Speaking on the successful issuance of the CPs, the Group Chief Financial Officer, Flour Mills of Nigeria PLC, Mr. Anders Kristiansson, stated \u201cFlour Mills of Nigeria PLC is pleased to announce the quotation of the \u20a613.33 billion Series 1 and \u20a651.64 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.\u201d<\/p>\n

Also, the Head, Capital Markets, FBNQuest Merchant Bank Limited, Mr. Oluseun Olatidoye, stated \u201cFBNQuest Merchant Bank Limited (\u201cFBNQMB<\/strong>\u201d), 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 \u20a6200.00 billion CP Programme and the subsequent quotation of the first two issuances under that Programme \u2013 \u20a613.33 billion Series 1 and \u20a651.64 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.\u201d<\/p>\n

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\u2019s platform, will benefit from the Exchange\u2019s 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.<\/p>\n

FMDQ Group is Africa\u2019s first vertically integrated financial market infrastructure (\u201cFMI<\/strong>\u201d) 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 \u2013 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\u2019s premier Green Exchange \u2013 FMDQ Green Exchange \u2013 positioned to lead the transition towards a sustainable future.<\/p>\n

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