MDQ Approves Fidson’s N10bn Commercial Paper Programme
The N10 billion commercial paper programme of Fidson Healthcare Plc has been accepted by the board listings, markets and technology committee of FMDQ Securities Exchange.
According to the Chief Financial Officer of Fidson, Mr Imokha Ayebae, the debt instrument would be used to meet the short-term working capital requirements of the organisation.
He described the registration of the CP programme of the platform as significant because it coincides with the 26th anniversary of the company.
“We are glad about the successful registration of Fidson Healthcare Plc’s N10.00 billion CP programme on the FMDQ platform.
“This is particularly significant as it coincides with the company’s 26th anniversary on March 1, 2021.
“Since its inception in 1995, Fidson Healthcare PLC has remained committed to the growth of the healthcare sector in Nigeria,” he said.
Speaking further, Mr Ayebae said, “This strategic move aligns with our vision to be the preferred healthcare provider as a leading player in the pharmaceutical manufacturing industry in Nigeria and West Africa.
“The CP programme, which is poised to further broaden the company’s sources of capital by accessing funding from the Nigerian debt capital markets, will also reduce our overall funding costs.
“Proceeds from this programme will be used to meet the company’s short-term working capital requirements which are geared towards providing quality services to our valued customers.”
Also commenting, Mr Taiwo Olatunji, the Head of Investment Banking at FSDH Capital Limited, which acted as the lead arranger to the issue on FMDQ Exchange, said the move will give the healthcare firm global visibility.
“FSDH Capital Limited is pleased to act as sponsor and lead arranger on the registration of the Fidson Healthcare Plc N10.00 billion CP programme on the FMDQ platform.
“We believe that the admission of the CP on the FMDQ platform will ensure its global visibility and enhanced liquidity, which will, in turn, raise the corporate profile of the issuer even further ahead of tapping into other opportunities in the Nigerian capital market.”
