Business
FMDQ Securities Exchange admits Dangote Cement’s N100 billion CP
BY EMEKA EJERE
MDQ Securities Exchange Limited has admitted Dangote Cement’s N100 billion Commercial Paper (CP) on its platform, a statement issued by the exchange on Tuesday disclosed.
By this transaction, Dangote Cement CPs will be availed global visibility through FMDQ Exchange’s website and systems.
The CPs would be included in FMDQ Daily Quotations List, in order to ensure and maintain information transparency.
“Through the Listings and Quotations Compliance function at FMDQ, investors are guaranteed continued disclosure of the issuer’s obligations to enable this important category of market stakeholders make informed decisions, the statement said.
“Investors are also provided a secure securities depository for the lodgement of their assets via FMDQ Depository Limited, thus ensuring an efficient and seamless flow of transactions from start to finish on FMDQ,” it added.
The statement explained that FMDQ approved and admitted Dangote Cement’s N34 billion Series 15 and N66 billion Series 16 Commercial Paper (CP) notes on its platform. The CP notes was under Dangote Cement N150 billion Domestic CP Issuance Programme.
FMDQ explained that the issuance and subsequent quotations of Dangote Cement CP was the largest issued by a non-financial institution in Nigeria on its platform.
It said, “The development was another testament of the efficient listings and quotations service offered by FMDQ Exchange. The Exchange would continue to position the Nigerian capital market to support corporates and businesses seeking to raise capital to finance their funding needs.
“FMDQ Holdings Plc has through its subsidiary, FMDQ Exchange, continued to provide the required support to governments, corporates, and individuals through the delivery of innovative and dependable capital market solutions.”
FMDQ Group is Africa’s first vertically integrated financial market infrastructure group, which provides a one-stop platform for the seamless and cost-efficient execution, risk management, clearing, settlement and depository services, as well as data and information services across the debt capital, foreign exchange and derivatives markets in Nigeria.