The FMDQ Securities Exchange Ltd. has approved the registration of the Robust International Commodities Ltd N20 billion Commercial Paper (CP) programme on its platform.
The management of Robust International Commodities Ltd disclosed this in a statement on Friday in Lagos.
The Robust International Commodities Ltd is an entity incorporated under Robust International Group.
It is engaged in international trade of agricultural commodities such as cashew nuts, sesame seeds, rice, maize and gum arabic, amongst others.
The statement said that the CP programme was sponsored by Coronation Merchant Bank Ltd.
It said that the CP would enable the company to raise short-term finance from the Nigerian Debt Capital Market.
The Managing Director of the company, Mr Raaghavan Naarayan, in the statement expressed his joy on the success of the registration.
“We are delighted with the successful registration of our N20 billion Commercial Paper programme with FMDQ Exchange.
“This milestone affirms our ambition to harness the Nigerian capital market in funding our operations and strategy,” he said.
Also, the Executive Director of the company, Mr Vishanth Narayan, said the company was ready to take on the new challenge.
“We remain steadfast in our objective to unlock value for our stakeholders.
“As a leading player in procurement, sourcing, distributions, supplying, buying, selling and dealing in various agricultural commodities, access to short-term finance is critical to our short-term working capital needs.
“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,” Narayan said.
FMDQ Group is Africa’s first vertically integrated financial market infrastructure (FMI) group, strategically positioned to provide registration, listing, quotation and noting services; integrated trading, clearing & central counterparty, settlement, and risk management for financial market transactions.
