By Chioma Obinagwam
FMDQ Securities Exchange has approved the listing of the Presco Plc’s ₦34.50 billion Series 1 Fixed Rate bond under the ₦50 billion bond Issuance Programme on its platform.
The Exchange told Confiance News in a statement at the weekend.
According to the statement, “Presco Plc (“Presco” or the “Issuer”) is a fully integrated agro-industrial establishment that specialises in the cultivation of oil palm plantations and milling and crushing palm kernels to produce a range of refined vegetable oil. It also has an olein and stearin packaging and biogas plants to treat its palm oil mill effluent.
It disclosed that the proceeds generated from the Presco Plc Series 1 Bond, which is co-sponsored by Stanbic IBTC Capital Limited (Lead Sponsor), CardinalStone Partners Limited and Quantum Zenith Capital and Investments Limited – all Registration Member (Listings) of the Exchange, will be used by the Issuer to refinance existing facilities from banks and to augment working capital requirements.
As a securities exchange with a commitment to facilitate growth and development in the Nigerian debt capital market and economy at large, FMDQ Exchange has said that it continues to show its commitment to promote an efficient, transparent, and well-regulated market, which attracts and retains both domestic and foreign investors, through the provision of a world-class listing and quotation service, amongst others, in line with its mandate.
Confiance News further gathered that FMDQ Group is Africa’s first vertically integrated financial market infrastructure (FMI) 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 – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited.
