Wednesday, November 08, 2017 4.30PM /
FMDQ OTC
For four (4) years, FMDQ OTC Securities Exchange (FMDQ
or the OTC Exchange) has progressively championed and effectively supported
initiatives aimed at boosting the growth and development of the Nigerian
financial markets, with particular focus on the debt capital markets (DCM).
Through the provision of unprecedented transparency, spearheading of
initiatives to boost secondary market liquidity and facilitating effective
price formation, among other activities via its platform, FMDQ has supported
the enhancement of market credibility which has, in turn, boosted investor
confidence in the Nigerian DCM.
Consequently, credible issuers in the private sector
have been able to successfully tap the DCM to access stable long-term finance
to fund key activities that ultimately translate to national economic
development, some of which include, but are not limited to, funding pressing
infrastructure development needs and supporting capital investments. The most
recent of these issuers is Dufil Prima Foods PLC, which, following the approval
granted by the FMDQ Board Listings, Markets and Technology Committee, listed
the Dufil Prima Foods PLC ₦10.00bn Series 1 Fixed Rate Bond under its ₦40.00bn Bond Issuance Programme (the Dufil Prima Bond)
on the OTC Exchange.
To mark this noteworthy achievement, FMDQ, in keeping
with its tradition, held a prestigious Listing Ceremony at its offices on Tuesday,
November 7, 2017, incidentally coinciding with the 4th year anniversary of the
OTC Exchange. Present to celebrate the successful admittance of Dufil Prima
Bond on FMDQ were key representatives from Dufil Prima Foods PLC, the issuer
and guest of honour, Stanbic IBTC Capital Limited, the sponsor of the issue and
Registration Member (Listings) of FMDQ, and representatives from FBN Merchant
Bank Limited, Stanbic IBTC Trustees Limited, ARM Trustees Limited, G.Elias
& Co., Udo Udoma & Belo-Osagie and Nnena Ejekam
Associates.
Ms. Tumi Sekoni, Vice President & Divisional Head,
Business Development of FMDQ, during the welcome address, congratulated the
issuer and sponsor of the issue on the success achieved in the DCM and
expressed the OTC Exchange’s gratitude for the issuer’s decision to list the
bond on FMDQ, whilst recognising Dufil Prima Foods PLC as a household name
considering the quotation of its Commercial Papers also on the OTC Exchange.
She reiterated FMDQ’s commitment to also playing its part, like the issuer of
the Dufil Prima Bond and other parties to the issue, in contributing towards
the growth of the Nigerian corporate bond market.
Mr. Madhukar Khetan, Chief Operating Officer, Dufil
Prima Foods PLC, during the Issuer’s special address, stated, “We at Dufil
Prima Foods PLC are very proud to have our inaugural issuance under the Bond
Programme listed on FMDQ OTC Securities Exchange. This key milestone continues
to outline Dufil’s commitment to entrenching the domestic capital market as an
integral part of our corporate funding strategy, beyond the establishment and
issuance of Notes under our Commercial Paper Programme. This initiative speaks
to the very core of our beliefs in being relevant in our local markets and that
can be closely correlated and identified with our products and services which
are very well recognised on a national level.”
Speaking on behalf of the sponsor to the issue and
FMDQ Registration Member (Listings), Mr. Kobby Bentsi-Enchill, Head, Debt
Capital Markets, Stanbic IBTC Capital Limited, affirmed as follows, “We are
pleased to have supported Dufil Prima Foods PLC on their debut bond issuance in
the domestic capital market, a key initiative for meeting their long-term
funding objectives. This issuance, which was 100% subscribed, highlights the
confidence placed by the market in Dufil’s brand and its strategic
intent. FMDQ has made significant strides with enhancing liquidity in the
domestic capital market and the listing of the ₦10 billion Series I Bonds by Dufil further provides a
competitive investment option for fund managers looking for sustainable returns
over and above comparable treasury benchmarks. We are excited to continue a
fruitful partnership with FMDQ and top household names such as Dufil.”
The Listing Ceremony was marked with memorable
highlights which included, inter alia, the signing of the FMDQ Bond Listings
Register; the presentation of the FMDQ Bonds Listing Certificate to the Issuer;
the unveiling of the FMDQ Listing Scrolls; and the special autograph
impressions by the Issuer.
Mr. Bola Onadele. Koko, the Managing Director/CEO of
FMDQ, during his closing address, commented, “the OTC Exchange shall continue
to innovate and provide efficient services and infrastructure, as may be
necessary, to support issuers and investors, towards achieving an operationally
excellent and competitive DCM. Through consistent collaboration with its
stakeholders, FMDQ shall continue to further deepen and effectively position
the Nigerian DCM for growth, and invariably contribute to the growth of the
economy at large.”
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