FMDQ Exchange lists oil-palm Presco’s N50bn bond

The FMDQ Securities Exchange Ltd. has approved the listing of oil palm processing company, Presco Plc’s N50 billion bond on its platform.

FMDQ disclosed this in a statement on Friday in Lagos.

Our correspondent reports that FMDQ Exchange is a platform for the registration, listing, quotation, and trading of financial securities.

The statement read, “Following the due diligence of the Exchange’s Board Listings and Markets Committee, it is pleased to announce the approval for the listing of the Presco Plc N34.50 billion Series 1 Fixed Rate Bond.

“The bond falls under the N50 billion bond issuance programme on the FMDQ platform.

“Presco Plc is a fully integrated agro-industrial establishment that specialises in the cultivation of oil palm plantation, milling and crushing of palm kernels to produce a range of refined vegetable oil.

“It also has an olein and stearing packaging and biogas plants to treat its palm oil mill effluent.

“The proceeds generated from the Presco Plc Series 1 Bond, will be used by the Issuer to refinance existing facilities from banks and to augment working capital requirements.”

According to it, the bond is co-sponsored by Stanbic IBTC Capital Ltd. (Lead Sponsor), CardinalStone Partners Ltd. and Quantum Zenith Capital and Investments Ltd; all registered members of the Exchange.

“As a securities exchange with a commitment to facilitate growth and development in the Nigerian debt capital market and economy at large, FMDQ Exchange continues to show its commitment to promote an efficient, transparent, and well-regulated market.

“In also attracts and retains both domestic and foreign investors, through the provision of a world-class listing and quotation service, amongst others, in line with its mandate,” the statement said.