FMDQ approves Mixta Real Estate’s N1.66bn quotation
Salamatu Ejembi, Lagos
FMDQ Securities Exchange Limited has approved the quotation of the Mixta Real Estate PLC ₦1.66 billion Series 33 Commercial Paper (CP) under its ₦20.00 billion CP Issuance Programme.
Mixta Real Estate PLC, a subsidiary of Mixta Africa, is a leading real estate development company in Nigeria with diverse real estate portfolio and operations spanning the residential, commercial, and retail sectors of the Nigerian real estate industry.
This approval has given hope to operators in the real estate sector as well as Nigerians seeing that affordability has continued to be a major limiting factor to home-ownership at the bottom of the income pyramid in Nigeria due to the high inflation rate and cost of building materials.
However, despite the underperformance of the Nigerian real estate sector last year, as affected by the negative impact of the COVID-19 pandemic, operators in this sector are optimistic that there could be an early rebound in 2021.
The quotation of the Mixta Real Estate PLC ₦1.66 billion Series 33 CP on FMDQ Exchange has also given investors an opportunity in commercial papers.
This is in recognition of the continued growth in the Commercial Paper market which has continued to prove a viable alternative for corporate entities in diverse business areas looking to secure short-term funding for working capital requirements and other capital expenditures. It avails them with numerous opportunities to carry on with key business activities which contribute to the revitalisation of the Nigerian economy despite the pandemic.
In a statement released by the FMDQ, “the Mixta CP, like all other securities listed, quoted and traded on the FMDQ Exchange platform, shall be availed global visibility through FMDQ Exchange’s website and systems, transparency through its inclusion in the FMDQ daily Quotations List, governance and continuous information disclosure to protect investor interest, credible price formation amongst other benefits derived from its preferred admission to the FMDQ Exchange platform.”