FMDQ Securities Exchange Limited has announced the admission of Fidson Healthcare Plc commercial paper worth N10 billion on its platform.
This is according to a disclosure by FMDQ Exchange, seen by Nairametrics. In lieu of this, the admission will afford Fidson Healthcare Plc the opportunity to not only raise short term capital to support its business operations but to also enjoy value-added benefits like visibility, transparency and liquidity that comes with being quoted on the FMDQ Exchange.
As part of the regulatory requirements, the on-boarding of Fidson Healthcare commercial paper was approved by the Board Listings, Market and Technology Committee of FMDQ, as the quotation seeks to create an exemplary architecture for the Nigerian Pharmaceutical industry.
What they are saying
Commenting on the recent development, the Chief Financial Officer of Fidson Healthcare PLC, Imokha Ayebae, said: “We are glad about the successful registration of Fidson Healthcare PLC’s ₦10.00 billion CP Programme on the FMDQ platform. This is particularly significant as it coincides with the company’s 26th anniversary on March 1, 2021.
Since its inception in 1995, Fidson Healthcare PLC has remained committed to the growth of the healthcare sector in Nigeria. This strategic move aligns with our vision to be the preferred healthcare provider as a leading player in the pharmaceutical manufacturing industry in Nigeria and West Africa. The CP Programme, which is poised to further broaden the company’s sources of capital by accessing funding from the Nigerian debt capital markets, will also reduce our overall funding costs. Proceeds from this Programme will be used to meet the company’s short-term working capital requirements which are geared towards providing quality services to our valued customers.”
On his part, the Head of Investment Banking at FSDH Capital Limited, Taiwo Olatunji remarked that, “FSDH Capital Limited is pleased to act as Sponsor and Lead Arranger on the registration of the Fidson Healthcare PLC ₦10billion Commercial Paper Programme on the FMDQ Platform. We believe that the admission of the CP on the FMDQ platform will ensure its global visibility and enhanced liquidity, which will in turn raise the corporate profile of the issuer even further ahead of tapping into other opportunities in the Nigerian capital market.”
What you should know
- Recall that Nairametrics had earlier reported the listing of Parthian Partners commercial paper worth N20 billion on the FMDQ Securities Exchange.
- FSDH Capital Limited acted as the Sponsor and Lead Arranger of the recent Fidson Healthcare CP issuance.
- FMDQ Exchange debt market size currently stands at N23.24 trillion, as at close of business on 4th of March, 2021.