Sundry Foods Limited (SFL), a leading food services company in Nigeria has announced the maturity and redemption of its N3bn Series 1 Commercial Paper (CP) under its NGN10bn Commercial Paper Programme.
The NGN3bn 270-day Series 1 Commercial Paper which was issued and quoted in September 2022 on the FMDQ Securities Exchange, matured on the 8th of June 2023. In line with existing regulations, the FMDQ Securities Exchange has been informed of the repayments.
Commenting on the successful redemption, Mr. Ebele Enunwa, MD/CEO of Sundry Foods Limited “We are pleased to have fully repaid all the investors in the Series 1 issuances. We thank all the institutional investors for their participation and reiterate our commitment to be a counterparty that can be counted on for the long term.”
Furthermore, he stated, “The redemption of the Series 1 CP reflects Sundry Foods’ capacity to meet its financial obligations when due, irrespective of market conditions. We intend to remain an active issuer in the commercial paper market.”
The continued growth trend of revenue and profits in FY 2022 resulted in achieving impressive long term and short-term issuer ratings of A-(NG) and A2 (NG) respectively from GCR Ratings recently.
The 2022 Audited Financial Statements as well as the Half year 2023 Management Accounts show strong growth of all key financial metrics for Sundry Foods Limited.
Sundry Foods Limited is a Nigerian food services company with an array of food brands including Kilimanjaro Restaurant, Pizza Jungle, KiliGrill, Nibbles Bakery, Nibbles Ice Cream & SFS (catering outfit). The company was incorporated in 2003. Its head office is in Port Harcourt, Rivers State.
Sundry Foods’ N10bn Commercial Paper Programme was admitted onto the FMDQ Securities Exchange platform in August 2022.
Source: nairametrics