Business & Economy

FMDQ admits Valency Agro’s N7.24bn commercial papers

FMDQ Securities Exchange Ltd. has approved for quotation the Valency Agro Nigeria Ltd. series two and three N4.57 billion and N2.67 billion Commercial Papers (CPs) on its platform.

This is contained in a statement by FMDQ  made Monday in Lagos, stating that admission was under the company’s N20 billion CP programme.

Valency Agro Nigeria is a subsidiary of Valency International Pte Ltd., an international commodity trading house, with presence in over 15 countries.

The company deals in the sourcing, production, and trading of agro and consumer food products.

The statement said the net proceeds from these CPs would be used by the issuer for its short-term financing requirements.

“The quotation of these CPs reiterates the efforts of the Exchange to project the Debt Capital Market (DCM) as the key source of finance for the agriculture sector in Nigeria.

“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,” it said.

The statement said that FMDQ would continue to sustain its efforts in supporting issuers with tailored financing options to enable them achieve their strategic objectives, deepen and effectively position the Nigerian DCM for growth.

FMDQ Group is Africa’s first vertically integrated financial market infrastructure group, strategically positioned to provide registration, listing, quotation and noting services; integrated trading, clearing & central counterparty, settlement, and risk management for financial market transactions among many others.

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