FMDQ Securities Exchange Limited has approved the listing of the Dangote Cement Plc N3.64 billion Series 1 (Tranche A), N10.45 billion Series 1 (Tranche B) and N35.91 billion Series 1 (Tranche C) Fixed Rate Bonds under its N300.00 billion Multi-Instrument Issuance Programme on its platform.
This listing comes shortly after the successful registration of the Dangote Cement PLC N100.00 billion Commercial Paper Programme within the same period.
The Exchange said that the listing was part of its commitment to facilitate growth and development in the Nigerian debt capital market (DCM) and the Nigerian economy at large.
FMDQ Securities also said that the Multi-Instrument Programme allows the Issuer to raise funds from the DCM through the issuance of various medium- to long-term debt securities such as green bonds, sukuk etc., which enables the Issuer leverage the depth and breadth of the Nigerian DCM. The exchange also disclosed that the proceeds from the Dangote Cement PLC Series 1 Tranches 1- 3 bonds will be used to fund expansion projects, refinance short-term debts, as well as working capital expenditure.
Commenting on the successful bond issuance, Group Managing Director, Dangote Cement, Mr. Michel Puchercos, said “this bond issuance allows us move a step further in achieving our expansion objectives and will be deployed to projects instrumental in supporting our export strategy while improving our cost competitiveness. We thank the investor community for their continued support in the management of Dangote Cement and their successful participation in the bond issuance”.
