C&I leasing lists N600 million bond on FMDQ platform
C & I Leasing Plc yesterday, listed its N600 million bond at 18.25% fixed rate on FMDQ OTC Securities Exchange platform
This is coming barely a week after the listing of the N16.79 billion UACN Property Development Company PLC’s Commercial Paper.
Speaking at the listing ceremony held in Lagos yesterday, the Managing Director of C & I Leasing, Andrew Otike-Odibi explained a major player in the support services industry, the bond would provide additional capital to expand its marine business operations, repay existing credit facilities and meet its working capital obligations.
He noted that the capital would ultimately increase its profitability and market share, guided by a robust risk management framework and strong corporate governance.
“We remain committed and focused on the fundamentals of our business which are efficiency and service delivery whilst intensifying efforts to boost our revenue generating profile from our other businesses and reduce credit exposures to volatile segments of the market.
“It has been very challenging, expanding and running the business. We approached the bond market because its was not been easy to raise money from the capital market. The bond market has developed so fast and this will help other listed firms to grow their business. We will enhance our profitability and liquidity with the funds raised here.
He said that the company had result to list its shares on the Ghana Stock Exchange, adding that, it would raise more money in future to drive its expansion programme.
The Vice President & Divisional Head, Marketing & Business, FMDQ Ms. Tumi Sekoni, congratulated the Issuer and all parties to the bond listing, noting that the platform had been tailored to provide a unique opportunity for issuers to raise the profiles of their issues and access a deep pool of capital to meet their long term funding needs.
She further stipulated that the Exchange would provide continuous information disclosure on the C & I Leasing bond, including price/value data and detailed issuers’/issues information, to stakeholders via the ‘Listings & Quotations’ page on the FMDQ website.
In addition, the platform, according to her, would promote an efficient and well-regulated market, which would attract and retain both domestic and foreign investors and improve price discovery and transparency for issuers.