FMDQ admits MeCure Industries commercial papers

FMDQ Securities Exchange Ltd. has approved the quotation of the MeCure Industries Ltd Series 1 and Series 2 Commercial Papers (CPs) on its platform.

This is contained in a statement by FMDQ Exchange made available to our reporter on Friday in Lagos.

The statement said that the Series 1 (N0.49 billion) and Series 2 (N1.44 billion) were under the company’s N20 billion CP issuance programme on the FMDQ platform.

Commenting on the quotation, Mr Samir Udani, the Chairman/Chief Executive Officer, MeCure Industries Ltd., said the issuance would help the company meet its short-term working capital and funding requirements.

Udani added that it would strengthen the company’s commitment to building and shaping positively, the healthcare industry in Nigeria.

Also speaking on the transaction, the sponsor of the CP and a Registration Member (Quotations) of the Exchange, Mr Femi Ademola, Executive Director, Cordros Capital Ltd, said the company was proud to sponsor the CP.

“Cordros Capital is proud to have sponsored the quotation of the MeCure Industries Ltd., N0.49 billion Series 1 and N1.44 billion Series 2 CPs, under the N20 billion CP programme.

“This transaction has provided an alternative source of funding to the issuer and will assist in bolstering its working capital. Hence, positioning it as a leader in the pharmaceutical industry,” Ademola said.

MeCure Industries is a leading human therapeutics company in the pharmaceutical industry in Nigeria.

The company pioneered the development of novel products and launched the pharmaceutical industry’s first tablet in a capsule formulation called ‘Liquitab Floatcap’.

FMDQ Group is Africa’s first vertically integrated financial market infrastructure group, strategically positioned to provide registration, listing, quotation and noting services; integrated trading, clearing & central counterparty, settlement, and risk among others.