Valency Agro Nigeria lists N5.12bn Series I CP on FMDQ Exchange
By Kayode Tokede
Following the due diligence process, the FMDQ Securities Exchange Limited, through its Board Listings and Markets Committee has announced the approval of the quotation of the Valency Agro Nigeria Limited N5.12 billion Series 1 Commercial Paper (CP) under its N20.00 billion CP Programme on its platform.
The Valency Agro Nigeria Limited CP debut issue comes at a time where the Nigerian economy is bedeviled with soaring food prices, amidst compounding challenges of insecurity.
The agricultural sector and its attendant transformation agenda have never been more important in driving increased and sustainable production of agricultural products as well as the derived foreign earnings through exports.
The proceeds from this issue of the CP will be applied by Valency Agro towards meeting the mid-term working capital requirements of the various agricultural produce under its portfolio such as cashew, sesame, cocoa and in value addition prior to export.
Commenting on the issuance, the Executive Director, Valency Agro Nigeria Limited, Mr. Sumit Jain, said “We are thankful to our investors towards showing their faith in our agenda to grow the agriculture focused business with a clear aim to maximise value addition and create employment opportunities in Nigeria.
“We would also like to commend the efforts made by FBNQuest Merchant Bank Limited’s team to build the reach and FMDQ for their unconditional support for the industry.”
According to Head, Capital Markets, FBNQuest Merchant Bank Limited, Mr. Oluseun Olatidoye, “FBNQuest Merchant Bank Limited is delighted with the successful debut of the N5.12 Billion Series 1 CP issued by Valency Agro Nigeria Limited.
“This reiterates our effort to enable underserved sectors access the debt markets, optimise their capital structure and further deepen the domestic capital markets.
“We are proud of the instrumental role FBNQuest Merchant Bank played in this transaction and appreciate the trust the management of Valency Agro placed in us to assist them. Our clients remain our priority, and we strongly believe their success is our success.”
The timely admission of this CP, and in general, securities on FMDQ Exchange, is a testament to the efficient processes and integrated systems through which FMDQ Holdings PLC (FMDQ Group or FMDQ), through its wholly owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited – has continued to create unique value for its diverse stakeholders during this peculiar time and beyond.
