FMDQ admits MeCure industries series 1 & 2 CP

FMDQ Exchange has approved for quotation, the MeCure Industries Limited ₦0.49 billion Series 1 and ₦1.44 billion Series 2 Commercial Papers (CPs) under its ₦20.00 billion CP Issuance Programme on its platform.

MeCure Industries Limited is a leading human therapeutics company in the pharmaceutical industry in Nigeria. MeCure Industries pioneered the development of novel products and launched the pharmaceutical industry’s first tablet in a capsule formulation called ‘Liquitab Floatcap’.

Commenting on the successful CPs quotation, the Chairman/Chief Executive Officer, MeCure Industries Limited, Mr. Samir Udani, said the issuance will help the company meet its short-term working capital and funding requirements.

“It will also strengthen our commitment to building and shaping positively, the healthcare Industry in Nigeria,” he said.

Also speaking on the transaction, the sponsor of the CP and a Registration Member (Quotations) of the Exchange, Cordros Capital Limited, represented by the Executive Director, Mr. Femi Ademola, CFA, stated, “Cordros Capital is proud to have sponsored the quotation of the MeCure Industries Limited ₦0.49 billion Series 1 and ₦1.44 billion Series 2 CPs under the ₦20.00 billion CP programme. This transaction has provided an alternative source of funding to the Issuer and will assist in bolstering its working capital. Hence, positioning it as a leader in the Pharmaceutical Industry.

As issuers tap the Nigerian Debt Capital Market (DCM) to meet their funding needs effectively and sustainably, as well as contribute to the development of the nation through their activities, FMDQ Exchange will continue to work collaboratively with market stakeholders to align the nation’s DCM to international standards, and will, through the promotion of product and service innovation and the championing of key market development initiatives, take commendable steps to ensure that growth and development opportunities abound for the markets under its purview.