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FMDQ approves N32.54bn commercial paper for Flour Mills

FMDQ Securities Exchange Limited has announced the approval of the quotation of Flour Mills of Nigeria Plc’s N32.54bn Series 5 commercial paper notes.

The notes are part of the firm’s N200bn CP issuance programme on the exchange’s platform, according to a statement from FMDQ on Tuesday.

The statement said: “FMDQ Exchange is pleased to announce the approval for the quotation of Flour Mills of Nigeria Plc N32.54bn Series 5 commercial paper under its N200.00bn Commercial Paper Issuance Programme on its platform.”

Flour Mills Plc had in 2020 listed N10bn Series 13 and N20bn Series 14 Commercial Paper notes under its N100bn CP Issuance Programme on the Exchange’s platform.

FMDQ noted that most businesses across the globe continued to grapple with the economic effects of the COVID-19 pandemic.

It said its parent company, FMDQ Holdings Plc, had therefore sustained its efforts in the provision of required support to governments, corporates, and individuals through the delivery of innovative and dependable capital market solutions.

The statement said, “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.

“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.”

It added that the firm’s CPs would enjoy transparency through their inclusion in the FMDQ Daily Quotations List, and governance and continuous information disclosure to protect investor interest, among other benefits derived from the admission to FMDQ Exchange.

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