Committed to the continuous development of the Nigerian financial market, in collaboration with market stakeholders, FMDQ Securities Exchange Limited ("FMDQ Exchange" or "The Exchange"), a wholly owned subsidiary of FMDQ Holdings PLC ("FMDQ Group" or "FMDQ"), has through its Board Listings, Markets and Technology Committee, approved the Registration of the Fidson Healthcare PLC N10.00 billion Commercial Paper ("CP") Programme on its platform.
This milestone for Fidson Healthcare PLC ("Fidson"), a leading pharmaceutical manufacturing company in Nigeria, has seen it join other corporate institutions across various sectors of the economy, to not only raise capital to support its business operations, but to also enjoy the benefits of visibility, transparency and liquidity that come with FMDQ's Quotation Service. Fidson, which runs a 'Current Good Manufacturing Practice' (cGMP) Compliant facility, is crafting an exemplary architecture for the Nigerian pharmaceutical industry by playing defining roles in the emergence of a new generation of industry players, as the importance of the pharmaceutical industry to the prosperity of the global economy cannot be overemphasised.
In a statement provided by the Chief Financial Officer, Fidson Healthcare PLC, Imokha Ayebae, he said, "We are glad about the successful registration of Fidson Healthcare PLC's N10.00 billion CP Programme on the FMDQ platform. This is particularly significant as it coincides with the company's 26th anniversary on March 1, 2021. Since its inception in 1995, Fidson Healthcare PLC has remained committed to the growth of the healthcare sector in Nigeria.
This strategic move aligns with our vision to be the preferred healthcare provider as a leading player in the pharmaceutical manufacturing industry in Nigeria and West Africa. The CP Programme, which is poised to further broaden the company's sources of capital by accessing funding from the Nigerian debt capital markets, will also reduce our overall funding costs. Proceeds from this Programme will be used to meet the company's short-term working capital requirements which are geared towards providing quality services to our valued customers".
Also, the Sponsor to the Issue on FMDQ Exchange, FSDH Capital Limited, through their Head, Investment Banking, Taiwo Olatunji, stated that, "FSDH Capital Limited is pleased to act as Sponsor and Lead Arranger on the registration of the Fidson Healthcare PLC N10.00 billion Commercial Paper Programme on the FMDQ Platform. We believe that the admission of the CP on the FMDQ platform will ensure its global visibility and enhanced liquidity, which will in turn raise the corporate profile of the issuer even further ahead of tapping into other opportunities in the Nigerian capital market".
As an Exchange positioned to bring about revolutionary changes in the Nigerian capital market, FMDQ Exchange, through the collective efforts of its varied stakeholders shall continue to deliver value-adding initiatives, ranging from the continuous upgrade of its Listings & Quotations Service, to product & market innovations, amongst others. The registration of the Fidson Healthcare PLC CP Programme, as the third on the Exchange's platform in 2021, validates its conscious drive to support the goals of corporate businesses and to deepen the Nigerian capital market by steadfastly availing its efficient platform for the registration, listing and quotation of debt securities.
FMDQ Group is Africa's first vertically integrated financial market infrastructure (FMI) group providing a one-stop platform for the seamless and cost-efficient execution, risk management, clearing, settlement and depository services, as well as data and information services across the debt capital, foreign exchange and derivatives markets in Nigeria.