The company intend to use the proceeds for working capital and general corporate purposes.
A Commercial Paper (CP) is basically an instrument that a company issues to the public when it wants to borrow money. Commercial Papers are short-term lending instruments and typically have a tenor of not more than 270 days.
Companies issue commercial papers when it needs money to fund its short term creditors or account payables (money owed to suppliers).
Eterna Plc is currently trading on the floor of Nigerian Stock Exchange (NSE) at N6.20
2018 half-year financial results show the company recorded a revenue of N172.9 billion in 2018 compared to N79.5 billion in 2017. Profit before tax stood at N1.4 billion compared to N1.5 billion in 2017. Profit for the year stood at N965 million compared to N1 billion in 2017.