FMDQ admits RICL’s maiden N20bn CP programme

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3 years ago

IN keeping with its mandate to avail its credible platform to support capital formation, as well as tailor its registration, listing and quotation services to suit the needs of institutions seeking to raise capital from the Nigerian debt capital market (DCM), FMDQ Securities Exchange Limited (FMDQ Exchange) through its Board Listings and Markets Committee, has approved the registration of the Robust International Commodities Limited’s (RICL) N20.00 billion Commercial Paper (CP) programme on its platform.

Robust International Commodities Limited is an entity incorporated under Robust International Group, an organisation that is engaged in the international trading of agricultural commodities such as cashew nuts, sesame seeds, rice, maize and gum arabic, amongst others.

This CP Programme, which is sponsored by Coronation Merchant Bank Limited, a Registration Member (Quotations) of the Exchange, positions the Issuer to raise short-term finance from the Nigerian DCM, through CP issues within its CP Programme limit.

Speaking on the successful CP Programme registration, the Chairman and Managing Director, Robust International Commodities Limited, Mr Raaghavan Naarayan, stated “we are delighted with the successful registration of our N20.00 billion Commercial Paper Programme with FMDQ Exchange.

“This milestone affirms our ambition to harness the Nigerian capital market in funding our operations and strategy,” Naarayan said.

Also commenting on the registration, the Executive Director, Robust International Commodities Limited, Mr Vishanth Narayan, stated “we remain steadfast in our objective to unlock value for our stakeholders. As a leading player in procurement, sourcing, distribution, supplying, buying, selling and dealing in various agricultural commodities, access to short-term finance is critical to our short-term working capital needs and the Commercial Paper Programme provides the opportunity to actualise our strategic objectives.

“We expect funds from this Programme to broaden our potential funding sources and create superior value, and we look forward to a warm reception as we engage with capital market investors under this Programme”.