FMDQ Securities Exchange Limited has continued to avail its platform to suit the needs of issuers and registration of members through innovative and uninterrupted service delivery.
This is to foster the development of the Nigerian Debt Capital Markets.
The Exchange, through its Board Listings and Markets Committee has announced the approval of the quotation of the Valency Agro Nigeria Limited ₦5.12 billion Series 1 Commercial Paper under its ₦20.00 billion CP Programme on its platform.
The Valency Agro Nigeria Limited CP debut issue comes at a time when the Nigerian economy is bedevilled with soaring food prices, amidst compounding challenges of insecurity.
The agricultural sector and its attendant transformation agenda have never been more important in driving increased and sustainable production of agricultural products as well as the derived foreign earnings through exports.
The proceeds from this issue of the CP will be applied by Valency Agro towards meeting the mid-term working capital requirements of the various agricultural produce under its portfolio such as cashew, sesame, cocoa and in value addition prior to export.
Commenting on the issuance, the Executive Director, Valency Agro Nigeria Limited, Mr Sumit Jain, mentioned “We are thankful for our investors towards showing their faith in our agenda to grow the agriculture focused business with a clear aim to maximise value addition and create employment opportunities in Nigeria.
“We would also like to commend the efforts made by FBNQuest Merchant Bank Limited’s team to build the reach and FMDQ for their unconditional support for the industry”.
According to Mr Oluseun Olatidoye, Head, Capital Markets, FBNQuest Merchant Bank Limited, “FBNQuest Merchant Bank Limited is delighted with the successful debut of the ₦5.12 Billion Series 1 CP issued by Valency Agro Nigeria Limited.
“This reiterates our effort to enable underserved sectors access the debt markets, optimise their capital structure and further deepen the domestic capital markets.
“We are proud of the instrumental role FBNQuest Merchant Bank played in this transaction and appreciate the trust the management of Valency Agro placed in us to assist them. Our clients remain our priority, and we strongly believe their success is our success”, he said.