By Chioma Obinagwam
The FMDQ Securities Exchange Limited, a subsidiary of Africa’s first vertically integrated Financial Market Infrastructure (FMI) group- FMDQ Group, has approved the quotation of the Fidson Healthcare Plc, ₦4.50 billion Series 1 Commercial Paper (CP) under its ₦10.00 billion Commercial Paper Issuance Programme on its platform.
The Exchange told informed Confiance News in a statement on Monday.
“FMDQ Securities Exchange Limited (“FMDQ Exchange” or “the Exchange”), the choice platform for the registration, listing, quotation and trading of securities in Nigeria, has through its Board Listings and Markets Committee, approved the quotation of the Fidson Healthcare PLC ₦4.50 billion Series 1 Commercial Paper (“CP”) under its ₦10.00 billion Commercial Paper Issuance Programme on its platform,” it disclosed in the statement.
Speaking on the successful issuance of the Fidson Healthcare Series 1 CP, the Chief Financial Officer, Fidson Healthcare, Mr. Imokha Ayebae, stated “the debut CP Issuance will allow Fidson Healthcare broaden its sources of funding and lower our overall cost of borrowing.
It will also strengthen our commitment to the vision of building sustainable brands that will foster our expansion and growth plans in the pharmaceutical industry across West Africa. We acknowledge the support of the investor community in ensuring the success of the CP issuance.
We will continue to assure their confidence in us as we deliver on our objectives of innovation and development within the Nigerian healthcare space”.
The Head, Investment Banking, FSDH Capital Limited – sponsor of the CP on the Exchange and Registration Member Mr. Taiwo Olatunji, also commented saying “we are pleased that FSDH Capital Limited was hand-picked by Fidson Healthcare to act as Sponsor and Lead Arranger on the company’s debut CP issuance. We believe that the CP Issuance has provided the company with access to a wider pool of well-informed investors, increased liquidity and increased visibility within the Nigerian DCM”.
Fidson Healthcare Plc, is a leading pharmaceutical manufacturing company that is engaged in manufacturing and sale of pharmaceutical and healthcare products in Nigeria.
The company has over thirty-five registered pharmaceutical products, across different therapeutic areas, in the pharmaceutical industry, the proceeds from this issuance will be used by Fidson Healthcare to finance its short-term working capital requirements.