FMDQ Exchange admits Flour Mills’ ₦30.00bn commercial paper notes

Salamatu Ejembi, Lagos

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FMDQ Securities Exchange Limited has approved the quotation of Flour Mills of Nigeria PLC’s ₦10.00 billion Series 13 and ₦20.00 billion Series 14 Commercial Paper (CP) notes, also known as the Flour Mills CPs.

The quotation is under Flour Mills’ ₦100.00 billion CP Issuance Programme.

As with previous papers issued under the Programme and like all other securities listed, quoted and traded on the FMDQ Exchange platform, the Flour Mills CPs shall be availed market visibility through FMDQ Exchange’s website and systems.

The commercial paper notes will also benefit from transparency through their inclusion in the FMDQ Daily Quotations List, governance and continuous information disclosure to protect investor interest, amongst other benefits derived from the preferred admission to FMDQ Exchange.

As most businesses across the globe continue to grapple with the economic effects of the COVID-19 pandemic, the Nigerian CP market has remained a viable option for corporate entities looking to raise funds to meet shortfalls in their working capital needs, as well as other short-term expenditures.

Flour Mills is among the latest companies to take advantage of that option.

In a statement, the FMDQ said this buttressess its committed to the continuous empowerment of the Nigerian financial market and the provision of uninterrupted services to all stakeholders.

As the economic impact of COVID-19 continues to crystallise, FMDQ Group remains steadfast in contributing towards the emergence of a resilient financial market in Nigeria,” it said.

The Group and its subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited – shall continue to engage the market and invariably, deploy innovative strategies leveraging on the unrivalled capabilities within its vertically integrated market infrastructure to promote market development and expansion.”