FMDQ Exchange admits Prima Corporation Limited Series 1 CP

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By Kayode Tokede

Committed to delivering exceptional value to the Nigerian financial markets and its stakeholders, FMDQ Securities Exchange Limited (FMDQ Exchange) demonstrated its steadfastness as it again achieved swift time-to-market, when the FMDQ Exchange Board Listings and Markets Committee approved the quotation of the Prima Corporation Limited N3.57 billion Series 1 Commercial Paper (CP) under its N30 billion CP Programme on the Exchange’s platform.

Prima Corporation Limited is a leading manufacturer of preforms and caps in West Africa, supplying a host of international and local brands.

The Group Executive Director, Prima Corporation Limited, Mr. Debasis Roy, commenting on the successful CP issuance stated, “Prima Corporation Limited is pleased on the quotation of the inaugural Series 1 CP Issuance under the N30 billion Programme.

“We are delighted at the opportunity to access an alternative source of funding to meet our short-term working capital needs.”

Also, commenting on the quotation, the Head, Capital Markets, FBNQuest Merchant Bank Limited, Mr. Oluseun Olatidoye, said, “FBNQuest Merchant Bank Limited is delighted about the quotation of the Prima Corporation Limited inaugural Series 1 CP under the N30billion Programme.

The funds raised will be utilised to meet the working capital needs of Prima Corporation Limited.  FBNQuest Merchant Bank Limited is also pleased with its intermediation role in assisting businesses to access alternative sources of funding through the domestic debt markets.”

Positioned to bring about revolutionary changes in the Nigerian debt markets, FMDQ Exchange, with the collective efforts of its varied stakeholders, shall continue to deliver value-adding services and initiatives, ranging from its highly efficient listings & quotations service to product & market innovations, amongst others.

The quotation of the Prima Corporation Limited CP validates FMDQ Exchange’s conscious drive to support the goals of corporate businesses and to deepen the Nigerian financial markets by steadfastly availing its efficient platform for the registration, listing and quotation of debt securities.