Article summary
- FMDQ Exchange registers CardinalStone Partners Limited Commercial Paper Programme on its Platform. The development allows the Issuer to efficiently raise short-term finance from the Nigerian debt markets, through CP issues, within the CP Programme limit.
- The Board Listings and Markets Committee of the Exchange last year approved the quotation of the CardinalStone Partners Limited N10.00 billion Series 2 Commercial Paper.
The Board Listings and Markets Committee of the Exchange has approved the registration of the CardinalStone Partners Limited ₦20.00 billion Commercial Paper (CP) Programme on the Exchange platform.
This is contained in a statement from FMDQ and made available to Nairametrics.
FMDQ disclosed that in other to guarantee sustained business operations in the current challenging economic environment, corporate institutions have continued to explore alternative financing options by tapping the debt capital market, to plug capital shortfalls.
The Exchange further noted that access to capital remains a top priority for corporates, as capital is required to meet short-term debt obligations, such as working capital needs, funding expansion aspirations, and existing debt obligations.
Access to capital
CardinalStone Partners Limited (the Issuer), is a multi-asset investment management firm that provides services encompassing financial advisory, asset management, securities trading, share registration, and consumer finance on a retail and institutional scale.
This CP Programme, which is sponsored by FBNQuest Merchant Bank Limited (Lead Sponsor); Emerging Africa Capital Advisory Limited, CardinalStone Partners Limited, FCMB Capital Markets Limited, and United Capital PLC (Co-Sponsors) – all Registration Member (Quotations) of the Exchange, allows the Issuer to efficiently raise short-term finance from the Nigerian debt markets, through CP issues, within the CP Programme limit.
What you should know
The Board Listings and Markets Committee of the Exchange last year, approved the quotation of the CardinalStone Partners Limited N10.00 billion Series 2 Commercial Paper (CP) under its N10.00 billion CP Issuance Programme on the Exchange platform.
According to the company, the proceeds from the CP, which is co-sponsored by FBNQuest Merchant Bank Limited – lead sponsor; CardinalStone Partners Limited, EAC Advisory Limited, FCMB Capital Markets Limited, and United Capital PLC – all Registration Member (Quotations) of the Exchange, was utilized by the Issuer to support its short-term financing requirements.
