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Corporate deals

DEAL: FMDQ Exchange admits Fidson Healthcare Commercial Paper worth N10 billion

FMDQ Exchange has announced the admission of Fidson Healthcare Plc’s N10 billion commercial paper.

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Dangote cement, FMDQ changes company name, FMDQ Clear Limited, Securities and Exchange Commission

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.

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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Corporate deals

DEAL: Shyft Power Solutions raises $3.1m Seed Round to push affordable energy

The funding round was led by the SoftBank Vision Fund’s Emerge Program and Total Carbon Neutrality Ventures with participation from other investors.

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SHYFT Power Solutions, which builds IoT and software to optimize distributed energy resource performance and operational efficiency in emerging markets, has announced an additional $3.1M in funding to bring its total seed round to $3.8M.

The funding round was led by the SoftBank Vision Fund’s Emerge Program and Total Carbon Neutrality Ventures with participation from other investors including Lofty Inc, Samurai Ventures, and Urban US Ventures.

SHYFT was founded by Stanford’s engineers to address the challenges in delivering and scaling clean, reliable, and affordable energy solutions in emerging markets that struggle with unreliable grids or energy access. SHYFT’s initial focus is in Nigeria, a country set to be the 3rd most populous after China and India, but were an unreliable grid has led to widespread dependence on generators, accounting for nearly 8x the capacity of the grid.

READ: Top 10 Nigerian tech companies and capital raised in 2020

SHYFT is pioneering the digitization of the energy landscape in emerging markets like Nigeria. Its asset management solution delivers an integrated approach that uses algorithms to monitor, automate, and optimize how assets, as well as grid connections, are utilized individually and as an integrated system, aggregating a plurality of data streams while doing so.

By increasing visibility and control, the system helps users to make informed decisions about which sources they use, how long they use a source, and when they switch sources. This enables operators to scale distributed systems in a cost-effective way, particularly in remote markets. It has resulted in operators improving RoI, reducing emissions, mitigating downtime, and reducing operational costs, in some cases by up to 57%.

SoftBank Vision Fund’s Emerge Program was established in 2019 to provide select startups with access to the tools, networks, and support to take their business to the next level. Total Carbon Neutrality Ventures is focused on finding, funding, and fostering high-potential startups which will contribute to creating a low carbon future.

READ: S&P 500 sets record highs on the back of tech stocks

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SHYFT plans to use this new funding round to double its team in West Africa over the next year with a focus on developing AI capabilities to use its data and algorithms for system optimization. The company will also look to build corporate partnerships and expand to additional African markets facing similar energy challenges.

SHYFT’s customers and strategic partners include some of the largest and fastest-growing alternative energy companies in Nigeria, including Daystar Power Solutions and Aspire Power Solutions. After passing critical IEC safety testing for their controllers, the company began ramping up sales across Nigeria over the past year with their customers. Today, they have over 2,000 kW of assets being managed by SHYFT technology and expect that to increase ten-fold by the end of 2021. Nearly every major bank in Nigeria has a branch using SHYFT technology, creating a path for SHYFT and its customers to deliver reliable power to the nearly 5,000 branches in the market.

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What they are saying

Ademidun Edosomwan, Managing Director, Emerging Markets at Total Carbon Neutrality Ventures (TCNV), said: “Energy is an essential need for all, yet it is estimated that more than 3.5 billion people globally lack access to affordable and reliable electricity. SHYFT’s technology will play a critical role in a global movement to democratize the way people manage their power sources. They’ve developed data-driven software that enables homeowners and businesses in emerging markets to make smarter decisions on their energy use in order to cut costs and reduce emissions. We are delighted to support SHYFT’s momentum as Ugwem and the team continues to expand their impact and help build a better energy future for the world.”

Ugwem Eneyo, Co-Founder & CEO SHYFT said. “I founded SHYFT to build the technology that can enable and accelerate this transition, and ensure that on the path to reliable energy access, the use of cleaner solutions can mitigate carbon emissions as well. We are fortunate to have investors supporting us where their sector and global experience will be invaluable.”

Stanbic 728 x 90

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Corporate deals

DEAL: Nigerian fintech software provider, Appzone raises $10m to scale its products and services

Appzone platforms are used by 18 commercial banks and over 450 microfinance banks in Africa.

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Appzone a fintech software provider that builds proprietary solutions for financial institutions and their banking and payments services announced that it has closed $10 million in Series A investment.

The Series A round was led by CardinalStone Capital Advisers, a Lagos-based investment firm. Other investors include V8 Capital, Constant Capital, and Itanna Capital Ventures. New York-based but Africa-focused firm Lateral Investment Partners also participated.

Founded in 2008 by Emeka Emetarom, Obi Emetarom, and Wale Onawunmi, Appzone functions as an enabler (at payment rails and the core infrastructure) within banking and payments.

READ: Shola Akinlade: The inspiration behind Paystack’s success

Appzone platforms are used by 18 commercial banks and over 450 microfinance banks in Africa. Together, they amass a yearly transaction value and yearly loan disbursement of $2 billion and $300million.

Before now, Appzone closed a $2 million deal from South African Business Connexion (BCX) in 2014. Four years later, it raised $2.5 million in convertible debt and bought back shares from BCX in the process. But overall, the company says it has raised $15 million in equity funding.

This new funding will be used to scale its products and services and expand across more African countries. The startup also plans to achieve scale by growing its engineering team.

READ: From Chemist to Bank CEO – The Story of Uzoma Dozie

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What they are saying

Yomi Jemibewon, the Co-Founder and Managing Director of Cardinal Stone Capital Advisers, said the firm’s investment in Appzone is further proof of Africa’s potential as the future hub of world-class technology.

READ: Bill Gates holds far more cash than Nigeria’s foreign reserve

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Appzone is building a disruptive fintech ecosystem that will be the backbone of Africa’s finance industry with products across payments, infrastructure, and software as a service. The impact of Appzone’s work is multifold — the company’s products deepen financial inclusion across the continent whilst providing best-fit and low-cost solutions to financial institutions. Its emphasis on premium talent also helps stem brain drain, rewarding Africa’s best brains with best-in-class employment opportunities.”

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