Valency Agro quotes ₦5.12 billion series I CP on FMDQ platform
FMDQ Securities Exchange, through its board on listings and markets committee, has announced the quotation of the Valency Agro Nigeria Limited’s ₦5.12 billion series 1 commercial paper (CP) under its ₦20 billion CP programme on its platform.
In fostering the development of the Nigerian Debt Capital Markets (DCM), FMDQ Securities Exchange has continued to avail its platform as well as tailor listings and quotations services to suit the needs of issuers and registered members through innovative and uninterrupted service delivery.
The Valency Agro CP debut issue comes at a time when the Nigerian economy is bedeviled with soaring food prices amidst insecurity challenges.
Proceeds from the issue would be injected into the mid-term working capital requirements of the various agricultural produce under its portfolios such as cashew, sesame and cocoa in value addition before export.
The Executive Director, Valency Agro, Mr. Sumit Jain said: “We are thankful to our investors for showing 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.”
The Head, Capital Markets, FBNQuest Merchant Bank Limited, Oluseun Olatidoye, said the firm was delighted with the successful debut of the ₦5.12 billion Series 1 CP.
“This reiterates our effort to enable underserved sectors to 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 on us to assist them.
“In keeping with its commitment to the development of the market, FMDQ Exchange shall sustain its efforts in supporting issuers with tailored financing options to enable them to achieve their strategic objectives, deepen and effectively position the Nigerian DCM for growth, in support of the realisation of a globally competitive and vibrant economy.
“FMDQ Group is unwavering in its pursuit of product and market innovation and as well as stakeholder engagement, towards making the Nigerian financial markets Globally competitive, operationally excellent, liquid and diverse, in line with its Gold Agenda.”