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FMDQ OTC admits Guinness’ commercial papers on platform

FMDQ OTC Securities Exchange has admitted Guinness Nigeria Plc’s ₦7,225,956,000.00 and₦2,774,044,000.00 commercial Paper (CP) Notes for quotation on the platform.

This CPs represents series 2 and 3 under the organisation₦10,000,000,000.00 commercial paper issuance programme.

The admission follows the successful listing of the Transcorp Hotels PLC ₦10.00bn bond on FMDQ at the beginning of the year.
The Board Listings, Markets and Technology Committee of FMDQ granted its approval for the quotation of the Guinness Nigeria CP after it successfully met the requirements as contained in the FMDQ Commercial Paper (CP) Quotation Rules.

The Vice President & Divisional Head, Marketing and Business Development of FMDQ, Ms. Tumi Sekoni, while delivering the welcome address, acknowledged the Guinness Nigeria CPs as the second and third non-bank real sector CPs to be quoted on the Exchange, following the quotation of the pioneer non-bank real sector CP, the ₦17,709,445,000.00 Nigerian Breweries PLC CP on the Exchange in November 2015.

Sekoni explained that with the quotation, Guinness CPs would gain access to the full complement of the FMDQ quotations service, which includes global visibility, transparency and continuous disclosure of relevant information (such as issuer rating, issuance type, outstanding value and issuer history).

The Managing Director/Chief Executive Officer, Guinness Nigeria Plc, Peter Ndegwa in his address said; “We are very pleased with the successful quotation of this CP issuance for Guinness Nigeria Plc and the support received from FMDQ and our advisors to enable this.”

He pointed out that the quoting of the. CP has given the company the opportunity to diversify its short-term funding sources at a reduced cost while delivering value to its shareholders.

He added that the company would continue to access the CP markets for optimal funding as ideal windows open for the company to access funds from a varied pool of investors.