FMDQ Securities Exchange Limited (FMDQ), through its Board Listings and Markets Committee, has approved the registration of the Sundry Foods Limited N10 billion Commercial Paper (CP) Issuance Programme on its platform.
The successful registration of this CP Programme, which is sponsored by CardinalStone Partners Limited (the Lead Sponsor), SCM Capital Limited and Stanbic IBTC Capital Limited, all Registration Member (Quotations) of the Exchange, strategically positions the Issuer to raise short-term finance from the Nigerian debt markets at specific times during the CP Programme validity it deems strategically viable, through CP issuances, within the CP Programme limit.
What they are saying
Speaking on the successful CP Programme registration, the Managing Director, Sundry Foods Limited, Mr. Ebele Enunwa stated “we remain committed to harnessing the full potential of Sundry Foods Limited and creating superior value to all our stakeholders. This is evident in the growth we have experienced in the past year, which has been as a result of visionary leadership and a defined growth strategy. We look forward to engaging market participants under this N10.00 billion CP Programme.”
Also, the Managing Director, CardinalStone Partners Limited, Mr. Michael Nzewi stated that “CardinalStone Partners Limited is pleased to have spearheaded the registration of the debut CP Programme for Sundry Foods Limited. We believe our role in assisting Sundry Foods Limited with raising capital will actualise its strategic growth objectives by providing opportunities to access a wider universe of market participants”.
Equally, the Chief Executive, Stanbic IBTC Capital Limited, Mr. Funso Akere, stated that “Stanbic IBTC Capital is delighted to have acted as the co-Arranger to the establishment of Sundry Foods Limited’s N10.00 billion CP Issuance Programme. The CP Programme will enable Sundry Foods Limited issue commercial papers to diversify its funding sources in order to facilitate business growth and optimise its funding costs by accessing short-term funding at relatively competitive interest rates from institutional investors”.
What you should know
- Sundry Foods Limited is one of Nigeria’s food services companies, operating in the quick service restaurant, bakery, and catering segments.
- The Company has over one hundred and thirty (130) branches across Nigeria with a variety of franchises that include Kilimanjaro, Pizza Jungle, Nibbles Creamery, Nibbles Bakery, Kiligrill, and Sundry Foods Services.
