The FMDQ Securities Exchange Limited has approved Fidson Healthcare Plc listing of its ₦4.50 billion Series 1 Commercial Paper, on its platform.
It was issued under the company’s N10 billion commercial paper issuance programme.
Fidson Healthcare Plc is a pharmaceutical manufacturing company that is engaged in manufacturing and sale of pharmaceutical and healthcare products in Nigeria.
With over thirty-five registered pharmaceutical products, across different therapeutic areas in the pharmaceutical industry, the proceeds from this issuance will be used by Fidson Healthcare to finance its short-term working capital requirements.
Speaking on the successful issuance of the Fidson Healthcare Series 1 CP, the Chief Financial Officer, Fidson Healthcare, Mr. Imokha Ayebae said: “The debut CP Issuance will allow Fidson Healthcare to broaden its sources of funding and lower our overall cost of borrowing.
“It will also strengthen our commitment to the vision of building sustainable brands that will foster our expansion and growth plans in the pharmaceutical industry across West Africa. We acknowledge the support of the investor community in ensuring the success of the CP issuance.
“We will continue to assure their confidence in us as we deliver on our objectives of innovation and development within the Nigerian healthcare space”.
The Head, Investment Banking, FSDH Capital Limited– sponsor of the CP on the Exchange and Registration Member Mr Taiwo Olatunji also commented saying, “we are pleased that FSDH Capital Limited was hand-picked by Fidson Healthcare to act as Sponsor and Lead Arranger on the company’s debut CP issuance.
“We believe that the CP Issuance has provided the company with access to a wider pool of well-informed investors, increased liquidity and increased visibility within the Nigerian DCM”.
FMDQ Exchange said it would continue to lead the revolution in the development of the Nigerian DCM by providing credible market structures to corporate and commercial businesses with the opportunities to meet their short-term funding requirements, whilst building their profiles in the Nigerian DCM space.