- Sparklight to Raise N1bn Through Debenture Issuance
Sparklight Property Development Company Limited, on Tuesday, launched a N1bn debenture issuance as part of its expansion plans.
The fixed rate debenture, which is being handled by Anchoria Investment and Securities Limited, has a unit value and offer of N1,000 and one million units, respectively with 16 per cent interest and a tenor of three years.
A debenture is a long-term security, yielding a fixed rate of interest, issued by a company and secured against assets.
The Chairman, SPDC, Chief Toyin Adeyinka, said the company aimed to consolidate on its past achievements after its successful exit from one of the worst economic recessions in the last three decades.
“It is geared towards expanding Sparklight’s capital, its operations and repositioning for better opportunities, which will be followed by a process of having the company listed on the Nigerian Stock Exchange,” he said.
According to him, the success of the debenture will serve as a catalyst to boost the Sparklight brand and ensure that it sustains its leadership role in the real estate industry in the country and in the West African sub-region.
A representative of Anchoria, Jacklyne Odiadi, said the offer would be devoid of risks associated with private companies in the country.
“The board and management of Sparklight saw the need for expansion because the company is ripe for it. We are confident that it is ready for this debenture,” she added.