FMDQ admits N9.5b commercial papers of UPDC, Nigerian Breweries

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FMDQ OTC Securities Exchange (FMDQ) has announced the quotations of the UACN Property Development Company PLC (UPDC) and Nigerian Breweries Commercial Papers (CP) on its platform.

UPDC quoted on the FMDQ platform, N7.3 billion Series 4-11 Commercial Paper (CP) Notes under its ₦24.00bn CP Programme, while Nigerian Breweries quoted N2.2 billion Series 10 CP Notes under its ₦100.00bn CP Programme.

Giving the fluctuations in the market, the commercial papers serve as a quick and cost effective way of raising working capital for the companies as well as offers return on investment for buyers without requiring a long-term commitment.

In a bid to support the growth of the Nigerian economy, the FMDQ championed the resuscitation of the Commercial paper market to provide corporate and commercial businesses the opportunity to meet their short-term funding requirements, whilst building their profiles in the Nigerian debt capital market space.

The time to market of these securities lays credence to the efficiency of the FMDQ quotation process and brings the count of CPs admitted onto the FMDQ platform for quarter 1 2017 to a total of fifteen (15).

As with securities quoted on FMDQ, these CPs will be availed global visibility and governance by the promotion of credibility and transparency of information, as part of the value-add provided by the FMDQ Listings and Quotations Service.

FMDQ said it remained positive about the possibilities of the Nigerian debt capital market, and will continue to articulate, with the support of its key stakeholders, ways to improve and make the Nigerian markets globally competitive, operationally excellent, liquid and diverse, in line with its mission to empower the financial markets to be innovative and credible, in support of the Nigerian economy.

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