The FMDQ Securities Exchange Limited has approved the listing of oil palm processing company, Presco Plc’s N34.50 billion bond on its platform.
The Exchange stated that, “following the due diligence of the Exchange’s Board Listings and Markets Committee, it is pleased to announce the approval for the listing of the Presco N34.50 billion Series one Fixed Rate Bond.
“The bond falls under the N50 billion bond issuance programme on the FMDQ platform. Presco Plc is a fully-integrated agro-industrial establishment that specialises in the cultivation of oil palm plantation, milling and crushing of palm kernels to produce a range of refined vegetable oil.
“It also has an olein and steering packaging and biogas plants to treat its palm oil mill effluent.”
FMDQ said, the proceeds generated from the Presco Series one Bond will be used by the Issuer to refinance existing facilities from banks and to augment working capital requirements.
Recently, the managing director of Presco, Felix Nwabuko, commended the institutional investor community for supporting the transaction.
According to the Exchange, the bond is co-sponsored by Stanbic IBTC Capital Limited (Lead Sponsor), CardinalStone Partners Limted and Quantum Zenith Capital and Investments Limited; all registered members of the Exchange.
“As a securities exchange with a commitment to facilitate growth and development in the Nigerian debt capital market and economy at large, FMDQ Exchange continues to show its commitment to promote an efficient, transparent, and well-regulated market.
“In also attracts and retains both domestic and foreign investors, through the provision of a world-class listing and quotation service, amongst others, in line with its mandate.”