The Flour Mills of Nigeria (FMN) Plc has quoted N64.97 billion Commercial Paper (CP) on the FMDQ platform in a bid to support its working capital requirements.
FMDQ announced the listing of FMN Plc’s N13.33 billion Series 1 and N51.64 billion Series 2 Commercial Papers under its N200 billion CP Issuance Programme on the exchange’s platform on March 13, 2023, according to a statement from the exchange on Wednesday.
The proceeds from the quotation of the CPs will be utilised by the issuer to support its short-term funding requirements.
Speaking on the successful issuance of the CPs, the Group Chief Financial Officer, Flour Mills of Nigeria Plc, Mr Anders Kristiansson, said the joint quotation is “aimed at harnessing alternative funding sources to meet some of our working and other capital requirements as we seek to deepen strategic, growth-consolidating investments across our value chains and in enabling capabilities that would unlock greater value for our stakeholders.”
