FMDQ Exchange admits Prima Corporation’s first commercial paper

FMDQ Securities Exchange Limited says it has approved the quotation of the Prima Corporation Limited N3.57 billion Series 1 Commercial Paper under its N30.00 billion CP Programme on its platform.

Prima Corporation is a manufacturer of preforms and caps in West Africa, supplying a host of international and local brands. 

The Group Executive Director, Prima Corporation, Mr Debasis Roy, was quoted in a statement as saying, “Prima Corporation Limited is pleased on the quotation of the inaugural Series 1 CP Issuance under the N30.00 billion Programme.

“We are delighted at the opportunity to access an alternative source of funding to meet our short-term working capital needs.”

The Head, Capital Markets, FBNQuest Merchant Bank Limited, Mr Oluseun Olatidoye, said the funds raised would be utilised to meet the working capital needs of Prima Corporation. 

“FBNQuest Merchant Bank Limited is also pleased with its intermediation role in assisting businesses to access alternative sources of funding through the domestic debt markets,” he added.

The statement said the quotation of Prima Corporation’s CP validated FMDQ Exchange’s conscious drive to support the goals of corporate businesses and to deepen the Nigerian financial markets by steadfastly availing its efficient platform for the registration, listing and quotation of debt securities.