Despite Restrictions, NGSE Lists N29bn Flour Mills, Primero BRT Bonds

The Nigerian Stock Exchange continued to uphold its commitment to remaining in operation, despite the lockdown occasioned by raging Coronavirus (COVID-19) pandemic, after activating its business continuity plan that ensured continued trading via remote access, besides supporting companies to raise capital in these challenging times.

These efforts have resulted in the successful listing of Flour Mills of Nigeria Plc and Primero BRT Securitization SPV Plc bonds on the Exchange on Thursday, 9 April 2020, after both cumulatively raised N28.9bn.
While Flour Mills of Nigeria Plc listed its N12.499bn three-Years 10% Series 3 (Tranche A) Fixed Rate Senior Unsecured Bond due 2023; and the N7.5bn five-Year 11.10% Series 3 (Tranche B) Fixed Rate Senior Unsecured Bond due 2025; Primero BRT listed its N16.5bn Series 1; 17% Fixed Rate Bonds due 2026, under its N100bnMedium Term Bond Programme.

Commenting on the listing, Group Managing Director, Flour Mills Nigeria Plc, Peter Gbededo expressed are delight at the opportunity “to return to the capital market with such a successful outing, especially with the level of interest shown by investors.
“The response from the market vindicates our decision to have taken this additional step to diversify our financing options beyond short-term commercial bank debt,” he said.

Appreciating the efforts of the role NSE in deepening secondary market liquidity thus aligning the market with international best practices, he said the company looks “forward to enjoying the benefits of these efforts in our short and long-term instruments.”

Commenting also, Chief Executive of the NSE, Oscar Onyema, congratulated the management of Flour Mills Nigeria Plc and Primero BRT Securitization SPV Plc and the professional parties to the issue.
He reiterated the commitment of The Exchange to support its stakeholders by ensuring that its “operations and trading activities continue seamlessly throughout this period.

 We have put in place the requisite measures to guarantee that our staff are able to provide requisite support, our stakeholders are able to conduct business digitally, and that all relevant information continues to flow into the market to spur capital market activity during the COVID-19 pandemic.”

Since the activation of its Business Continuity Plan in response to COVID-19 on Wednesday, 25 March 2020, The Exchange has transitioned to digital operations with its employees working remotely and Dealing Member Firms trading remotely. The Exchange has had no disruptions to its operations since the activation of the slow down efforts by state and federal governments to flatten the COVID19 curve.

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