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Interswitch records successful sale of first bond issue

Interswitch Limited, has recorded mass oversubscription for its Series 1, up to N20 billion Fixed Rate Senior Unsecured Bonds, under its NGN30 billion Debt Issuance Programme

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Mitchell Elegbe, the founder of Interswitch

Interswitch Limited, has announced the successful issuance of a N23 billion Series 1 Fixed Rate Senior Unsecured Callable Bonds issue, under its NGN30 billion Debt Issuance Programme. The facility was raised through Interswitch Africa One Plc, a special purpose vehicle.

The successful sale of the bonds is linked to investor confidence in the company’s brand, business model and long-term strategy, supported by strong domestic ratings from both Agusto & Co. Limited and Moody’s Investor Service. 

The Details: The investors that participated in the bond sale were qualified institutional investors identified by the Securities and Exchange Commission (SEC) who proposed an allocation of 64% to pension fund managers, 7% to asset managers and 20% to commercial banks subject to SEC ’s approval. 

READ MORE: Interswitch reignites plans to launch IPO in 2019

An elated Mitchell Elegbe, the founder of Interswitch could not hide his joy at the success of the first bonds issuance under its capital raising programme, at an event which held yesterday. He was also pleased with the confidence bestowed on his brand by investors.  

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Elegbe said: “Diversifying our funding sources through the inclusion of these bonds will enable us achieve our strategic objectives and vision. FBNQuest Merchant Bank and Stanbic IBTC Capital acted as Lead Financial Advisors as well as Issuing Houses and ABSA Capital Markets. 

Nigeria, FCMB Capital Markets, Quantum Zenith Capital & Investments and Rand Merchant Bank Nigeria, as Joint Issuing Houses.” 

What you should know: The issuer was assigned “Aa3” national scale programme rating by Moody’s and “Aa” national scale rating by Agusto, based on positive secular industry shifts, a strong market position as well as a good liquidity profile. In addition to this, the sponsor was also assigned an “Aa” rating by Agusto. 

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READ ALSO: Verve reiterates commitment to promote efficiency in payment solutions delivery 

In a recent Nairametrics article, Interswitch announced a partnership with Microsoft to launch its innovative blockchain-based supply chain financing service. The initiative was expected to bring together entrepreneurs, major financial institutions and corporate organisations, all on a single platform to provide end-to-end visibility that will ensure fast and seamless trade financing in supply chain operations. 

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Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Appointments

Flour Mills Appoints Former 9Mobile MD as Director and Group Chief Operating Officer

The appointment of Mr Olusanya brings to 14 the total number of members of the Board of Directors.

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Leading Integrated Food and Agribusiness giant, Flour Mills of Nigeria Plc, has announced the appointment of Mr Omoboyede Oyebolanle Olusanya to the Board of Directors of the firm.

The appointment of Olusanya, who recently joined Flour Mills as the Group Chief Operating Officer, took effect from July 29, 2020.

This disclosure was made in a notification which was sent to the Nigerian Stock Exchange (NSE) for the investing public and signed by the company’s Company Secretary/Director, Legal Services, Joseph Umolu.

The notification from the company reads, “Flour Mills of Nigeria Plc, Nigeria’s leading integrated food business and Agro-allied group, owners of the iconic brand, Golden Penny, today announced the appointment of Mr Omoboyede Oyebolanle Olusanya, to the board of Directors effective 29 July 2020.’

The statement notes that Mr Olusanya, who holds a B. Sc. (Hons) in Civil Engineering from the University of Lagos and two Masters degrees in environmental engineering and Computer Science from the University of Liverpool and the University of Manchester respectively had recently joined Flour Mills as the Group Chief Operating Officer in January 2020.

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Before joining Flour Mill, Olusanya had served in similar leadership positions including Chief Business Transformation Officer at Dangote Group, where he spearheaded the transformation of the group, between July 2017 and October 2018. He was the Managing Director/Chief Executive of Emerging Market Telecommunications Service (9Mobile). He is also on the board of Axxela, Starsight and OVH Energy.

In his comment, the Chairman of the Board, Mr John Coumantaros, said, “We are most excited to welcome Mr Olusanya to our Board of Directors. He is a seasoned business leader, whose expertise and vast experience in areas such as Telecommunications, Financial Services, Energy and Manufacturing are mission-critical to our future operations and strategy and will help Flour Mill further its purpose of feeding the nation, every day.”

The appointment of Mr Olusanya brings to 14 the total number of members of the Board of Directors.

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Coronavirus

COVID-19: Russia produces first batch of its newly approved vaccine

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COVID-19: J&J starts vaccine trials on humans after success on monkeys

Russia announced on Saturday, August 15, 2020, that it has produced the first batch of its newly approved vaccine, Sputnik V, hours after the health ministry reported the start of its production.

The disclosure was made in a statement by the Russian Health Ministry and quoted by Russian news agencies.

This is coming some days after the Russian President, Vladimir Putin, announced the registration of the world’s first COVID-19 vaccine in what could be described as a step ahead of other vaccine developments.

The announcement is seen as a propaganda coup for the Russian government against the west amid a global race to develop vaccines against the coronavirus disease.

The announcement of the vaccine registration by Putin was met with caution from scientists and the World Health Organization (WHO), who said that it still needed a rigorous safety review. Some of the scientists fear that with this fast regulatory approval, Russia may be putting national prestige ahead of safety.

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Putin had said the vaccine was safe and that one of his own daughters had been inoculated, although the final stage testing involving over 2,000 people just started this week. Such trials are considered very important before a vaccine can secure regulatory approval.

Russia has said the vaccine which is the first for the coronavirus disease to go into production, will be rolled out by the end of August.

The Gamaleya Research Institute, which developed the vaccine in collaboration with the Russian Defence Ministry, said that Russia would be producing about 5 million doses a month by December or January.

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Companies

Heineken scoops more Nigerian Breweries shares in insider disclosure

The company has about 8 billion shares outstanding with Heineken as the majority shareholder.

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Nigerian Breweries major shareholder, Heineken disclosed it purchased 274,542 units at an average price N35.76 per unit.

Insider disclosures are reported on the Nigerian Stock Exchange as a regulatory requirement especially when it informs a major shareholder or director of a company purchasing shares in the company they own.

In a related development, its chairman Chief Kolawole Babalola Jamodu also purchased 10,000 units at N37 per unit.

Nigeria Breweries closed at N36 per share on Friday trading at a price to earnings of 34x. The company has about 8 billion shares outstanding with Heineken as the majority shareholder.

What this means: Insider purchases are often an indication of how shareholders perceive the company’s valuation. It can also mean a lot of things from a possible capital raise to a strengthening of their existing holdings.

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Nigerian Breweries has struggled for growth over the last few years as consumers continue to experience a change to taste and preference for alcohol.

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