Skymark Partners Limited, a private investment company focused on investing and creating wealth in critical growth sectors of the Nigerian economy, has announced the maturity and successful redemption of its Series 6 & 7 Commercial Papers (CP) under its NGN5bn Commercial Paper Programme.
The NGN0.37bn 268-day Series 6 Commercial Paper which was issued and quoted in September 2022 on the FMDQ Securities Exchange, matured on the 16th of June, 2023. The NGN1.42bn 182-day Series 7 CP was issued in December 2022 and matured on the 20th of June, 2023. In line with existing regulations, the FMDQ Securities Exchange has been informed of the repayments.
Commenting on the successful redemption, Mr. Egie Akpata, FCCA, Chairman of Skymark Partners Limited, said, “We are pleased to have fully repaid all the investors in the Series 6 & 7 issuances. We thank all the institutional investors for their participation and reiterate our commitment to be a counterparty that can be counted on for the long term.”
Furthermore, he stated, “This sixth and seventh Series CP redemption reflects Skymark’s capacity to meet its financial obligations when due, irrespective of market conditions. We intend to remain an active issuer in the commercial paper market.”
The continued growth trend of revenue and profits in FY 2022 resulted in DataPro affirming Skymark’s long term rating of A and short-term rating of A1. The rating remains valid till June 2024. Unaudited accounts as at June 30, 2023 show strong growth of all key financial metrics of Skymark Partners Ltd.
What you should know
Skymark Partners Ltd is a principal investment company with interests in financial services, technology, and real estate amongst others. Skymark Partners was incorporated in 2009 and is based in Lagos.
Skymark Partners N5bn Commercial Paper Programme was admitted onto the FMDQ Securities Exchange platform in February, 2022.
Series 1-11 CPs issued under the programme have raised N10.5bn for working capital financing.
Series 1 – 8 CP maturities have repaid N7.3bn.
