Dufil Prima Foods Lists N10bn Bond on FMDQ

• Dufil Prima Foods Lists N10bn Bond on FMDQ

Dufil Prima Foods Plc, following the approval granted by the FMDQ Board Listings, Markets and Technology Committee, on Tuesday listed the Dufil Prima Foods N10bn Series 1 Fixed Rate Bond under its N40bn Bond Issuance Programme (the Dufil Prima Bond) on the OTC Exchange.

To mark this achievement, the FMDQ, in keeping with its tradition, held a listing ceremony at its offices, coinciding with the 4th anniversary of the OTC Exchange.

Present to celebrate the successful admittance of Dufil Prima Bond on FMDQ were key representatives from Dufil Prima Foods, the issuer and guest of honour, Stanbic IBTC Capital Limited, the sponsor of the issue and registration member (listings) of FMDQ, and representatives from FBN Merchant Bank Limited, Stanbic IBTC Trustees Limited, ARM Trustees Limited, G.Elias & Co, Udo Udoma & Belo-Osagie and Nnena Ejekam Associates.

The Vice-President and Divisional Head, Business Development atf FMDQ, Ms. Tumi Sekoni, during the welcome address, congratulated the issuer and sponsor of the issue on the success achieved in the DCM and expressed the OTC Exchange’s gratitude for the issuer’s decision to list the bond on the FMDQ, while recognising Dufil Prima Foods as a household name, considering the quotation of its commercial papers also on the OTC Exchange.

She reiterated FMDQ’s commitment to also playing its part, like the issuer of the Dufil Prima Bond and other parties to the issue, in contributing towards the growth of the Nigerian corporate bond market.

The Chief Operating Officer, Dufil Prima Foods Plc, Mr. Madhukar Khetan, during the issuer’s special address, stated, “We at Dufil Prima Foods are very proud to have our inaugural issuance under the Bond Programme listed on the FMDQ OTC Securities Exchange. This key milestone continues to outline Dufil’s commitment to entrenching the domestic capital market as an integral part of our corporate funding strategy, beyond the establishment and issuance of Notes under our Commercial Paper Programme.

“This initiative speaks to the very core of our beliefs in being relevant in our local markets and that can be closely correlated and identified with our products and services which are very well recognised on a national level.”

Also commenting, the Managing Director/Chief Executive Officer, FMDQ, Mr. Bola Onadele, said, “The OTC Exchange shall continue to innovate and provide efficient services and infrastructure, as may be necessary, to support issuers and investors, towards achieving an operationally excellent and competitive DCM.”

The FMDQ Over-the-Counter Securities Exchange has progressively championed and supported initiatives aimed at boosting the growth and development of the Nigerian financial markets, with particular focus on the debt capital markets, for four years.

Through the provision of unprecedented transparency, spearheading of initiatives to boost secondary market liquidity and facilitating effective price formation, among other activities via its platform, the FMDQ said it had supported the enhancement of market credibility which has, in turn, boosted investor confidence in the Nigerian DCM.

The Exchange stated, “Consequently, credible issuers in the private sector have been able to successfully tap the DCM to access stable long-term finance to fund key activities that ultimately translate to national economic development, some of which include, but are not limited to, funding pressing infrastructure development needs and supporting capital investments.”