FMDQ OTC Securities Exchange on Tuesday in Lagos recorded another milestone with the listing of C &I Plc N600 million fixed income 18.25 per cent bond on its platform.
The News Agency of Nigeria (NAN) reports that N600 million the bond due in November 2022 is to enable C &I Plc expand its programmes.
Ms Tumi Sekoni, FMDQ Vice President & Divisional Head, Marketing & Business Development, said that FMDQ’s listing service was to enable issuers have access to a deep pool of capital.
She said that the platform enables companies to meet their long-term funding needs even as the Nigerian debt capital market becomes aligned with international best practices and standards.
Sekoni said that the Exchange would provide continuous information disclosure on the C & I Leasing bond.
According to her, the information includes price/value data and detailed issuers’/issues information to stakeholders via the ‘Listings & Quotations’ page on its platform website.
She said that the bond would also be included on the FMDQ-Bloomberg E-Bond Trading System (E-Bond) to promote an efficient and well-regulated market to attract domestic and foreign investors.
Sekoni said that FMDQ would continue to ensure price discovery and transparency for issuers, dealers, regulators and the general public on all listed bonds on its platform.
The Managing Director, C & I Leasing, Mr Andrew Otike-Odibi, said that the bond listing would help the company’s expansion programmes.
Otike-Odibi said that the offer would provide additional capital for the company to enable it expand marine business operations, repay existing credit facilities and meet working capital obligations.
“We remain committed and focused on the fundamentals of our business, which are efficiency and service delivery whilst intensifying efforts to boost our revenue generating profile from our other businesses.
“This will ultimately lead to more profitability and growth in market share guided by a robust risk management framework and strong corporate governance.
“It has been a challenge in expanding and running the business. We looked for money in the bond market because it has not been easy to raise money from the capital market.
“In Nigeria, the bond market has developed so fast and this will help other companies to grow their business,’’ Otike-Odibi said.
He said that the company had resolved to list its shares on the Ghana Stock Exchange, adding that it would raise more money in future to drive its expansion programmes.
Also speaking, Mr Tofarati Agusto, the Managing Director, WSTC Financial Services Ltd., said that the growth of C&I was due to a focused and disciplined management.
Agusto commended the management of FMDQ for the development of the bond market.
He said that the platform was very important for the development of listed firms and government infrastructure.
“The Nigerian debt capital market has continued to make essential strides toward its development.
“Today’s listing of the C & I Leasing bond on FMDQ marks another milestone in this certain development,’’ he said.