By Esther Agbo
SKLD Integrated Services Limited has launched its Series 10 and 11 commercial paper issuances to raise N590 million, facilitated by Afrinvest Capital Limited.
The issuance, which remains open until July 24, 2024, aims to secure short-term debt capital to bolster SKLD’s operations and support its growth plans.
The Group Managing Director of Afrinvest West Africa Limited, Ike Chioke, explained that this move is a strategic effort by SKLD to enhance its operational capacity and sustain its ambitious growth trajectory.
“Afrinvest Capital Limited is pleased to inform you that the Series 10 & 11 Commercial Paper Issuances of SKLD Integrated Services Limited (‘SKLD’ or ‘the Issuer’ or ‘the Company’) of up to N590m is still open and scheduled to close on July 24, 2024.”
SKLD, a provider of educational and office supplies, branded products, garment manufacturing, and humanitarian aid procurement services in Nigeria, is leveraging this funding to support its diverse operations.
The company collaborates with international humanitarian organisations like UNICEF and UNESCO, and various NGOs, to supply essential kits for intervention projects.
Chioke highlighted SKLD’s extensive partnerships with over 500 schools across 20 Nigerian cities through its flagship brand, Marcel Hughes Apparel.
Additionally, SKLD’s e-commerce platform, skit.ng, serves over 25,000 customers annually.
He said, “The Skit Shop subsidiary boasts the largest retail network for back-to-school shopping, with annual revenues of N2.78bn in 2022 and N3.86bn in 2023 and has expanded its retail stores from three in 2020 to seven today.
“SKLD, through its Skit Shop subsidiary, has the largest retail network in the country for all things back-to-school shopping with annual revenue at N2.78bn and N3.86bn in 2022 and 2023, respectively.
“Skit Shop increased its retail stores from three in 2020 to seven today. These stores are located across commercial hubs in Lagos, Abuja and Port-Harcourt.”
The N590 million raised through the commercial paper issuance will finance SKLD’s working capital requirements, further consolidating its growth and diversifying its financial sources.
“SKLD is seeking to raise to N590m in short-term debt capital to finance its working capital requirements to further consolidate on its growth and operations and diversify its sources of finances.”