Guinness Nigeria Company quotes N10bn commercial papers on FMDQ

This represented a big progress in the CP market being that Guinness Nigeria is a non financial institution

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Guinness play

Guinness

(The Sheet)
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FMDQ OTC Securities Exchange on Thursday, February, 18, 2016 announced the admission of the Guinness Nigeria Plc N7,225,956,000 and N2,774,044,000 commercial paper notes for quotation on the Exchange.

According to a statement from the FMDQ, the CPs represent series 2 and 3 under the organisation’s N10bn commercial paper issuance programme.

It said the Board Listings, Markets and Technology Committee of FMDQ granted its approval for the quotation of the Guinness Nigeria CP after it successfully met the requirements as contained in the FMDQ commercial paper quotation rules.

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The Vice-President and Divisional Head, Marketing and Business Development, FMDQ, Ms. Tumi Sekoni, acknowledged the Guinness Nigeria CPs as the second and third non-bank real sector CPs to be quoted on the Exchange, following the quotation of the pioneer non-bank real sector CP, the 17,709,445,000 Nigerian Breweries Plc CP on the Exchange in November 2015.

Guinness Nigeria Managing Director/Chief Executive Officer, Mr. Peter Ndegwa said, “We are very pleased with the successful quotation of this CP issuance for Guinness Nigeria Plc and the support received from FMDQ and our advisors to enable this.

“The quoting of this CP has allowed us successfully to diversify our short-term funding sources at a reduced cost whilst delivering value to our shareholders. We will continue to access the CP markets for optimal funding as ideal windows open for Guinness Nigeria to access funds from a varied pool of investors.”

This represented a big progress in the CP market being that Guinness Nigeria is a non financial institution.

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