UACN to raise N45bn in CP issuance from debt market

MORE LOCAL BUSINESSES ARE CON TINUING TO SEEK SHORTTERM CAPITAL from the debt capital market through the issuances of commercial papers (CPs) to meet their internal financing obligation, the latest is UAC of Nigeria Plc.

FMDQ has approved the quotation of the company’s N45 billion commercial paper programme on its platform. The OTC securities exchange accepted the registration of the CP programme following due approval from the board listings and markets committee to affirm the highly efficient time–to–market and uniquely tailored listing and quotation service the exchange offers.

UAC of Nigeria is seen as one of Nigeria’s leading and diversified companies operating in the economy’s food and beverage, real estate, paint and logistics sectors and has evolved to become an investment holding company active in six sectors of the Nigerian economy.

The N45 billion CP programme registration was sponsored by Stanbic IBTC Capital Limited – a registration member (Quotations) of the exchange. The quotation strategically positions UAC to quickly raise short-term finance from the Nigeria debt capital market (DCM).