Fidson quotes N4.5bn commercial paper on FMDQ | Dailytrust

Fidson quotes N4.5bn commercial paper on FMDQ

FMDQ Securities Exchange Limited
FMDQ Securities Exchange Limited

FMDQ Securities Exchange Limited has, through its Board Listings and Markets Committee, approved the quotation of the Fidson Healthcare PLC N4.50 billion Series 1 Commercial Paper under its N10.00 billion Commercial Paper Issuance Programme on its platform.

Corporate institutions have continued to explore alternative financing options by tapping the Debt Capital Market (DCM) to raise capital to sustain their business activities.

With over 35 registered pharmaceutical products across different therapeutic areas in the pharmaceutical industry, the proceeds from this issuance will be used by Fidson 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 would allow Fidson Healthcare to broaden its sources of funding and lower its overall cost of borrowing.

Ayebae said it would 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.”

The Head, Investment Banking, FSDH Capital Limited, sponsor of the CP on the Exchange, Mr Taiwo Olatunji, said FSDH Capital Limited was hand-picked by Fidson Healthcare to act as sponsor and lead arranger on the company’s debut CP Issuance.

He said, “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.”

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