Dangote Cement quotes CP valued at ₦41bn on FMDQ

COMFORT EKELEME, BUSINESS EDITOR

FMDQ Exchange has announced the quotation of the Dangote Cement Plc ₦15.20 billion Series 1, ₦7.96 billion Series 2, and ₦17.84 billion Series 3 Commercial Papers (CPs) under its ₦150.00 billion Commercial Paper Issuance Programme on its platform.

Dangote Cement Plc, a subsidiary of Dangote Industries, is sub-Saharan Africa’s leading cement company, with a production capacity of 48.6 million tonnes per year across ten countries.

The proceeds from the Dangote Cement Series 1 – 3 CPs, which were sponsored on the Exchange by Stanbic IBTC Capital Limited – a Registration Member of FMDQ Exchange, will be used to support the company’s short-term working capital and funding requirements.

With the growing interest of corporate entities in the commercial paper market to finance short-term funding and liquidity requirements through the Debt Capital Market (DCM), FMDQ Exchange remains unrelenting in its provision of integrated services to stakeholders, spearheading initiatives to boost secondary market liquidity and facilitating effective price formation, among other activities via its platform.

The Exchange shall continue to support institutional growth and stimulate continuous development of the economy at large, through the promotion and provision of a world-class quotations service.

By quoting these CPs on the Exchange, Dangote Cement is availed unique benefits which include, but are not limited to, enhanced investor confidence, transparent/relevant information disclosure on the issue, effective price formation, and global visibility.

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; depository of securities, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly-owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited, and FMDQ Private Markets Limited.