FMDQ admits leading healthcare company, MeCure Industries’ Commercial Papers

FMDQ Securities Exchange Ltd has announced the approval of the quotation of a leading company in the healthcare sector, MeCure Industries Ltd Series 1 and Series 2 Commercial Papers (CPs) on its platform.

According to NAN, this disclosure is contained in a press statement issued by FMDQ Exchange on Friday in Lagos, saying that the Series 1 (N0.49 billion) and Series 2 (N1.44 billion) were under the company’s N20 billion CP issuance programme on the FMDQ platform.

What the Chief Executive Officer of MeCure Industries Limited is saying

The Chairman/Chief Executive Officer of Mecure Industries Limited, Samir Udani, while commenting on the quotation said the issuance of the commercial papers would help the company meet its short-term working capital and funding requirements.

He also added that it would strengthen the company’s commitment to building and shaping positively, the healthcare industry in Nigeria.

What the Sponsor of the Commercial Paper is saying

An Executive Director of the Sponsor of the commercial paper, Cordros Capital Limted, Mr Femi Ademola, said the company was proud to sponsor the transaction.

Ademola said, “Cordros Capital is proud to have sponsored the quotation of the MeCure Industries Ltd., N0.49 billion Series 1 and N1.44 billion Series 2 CPs, under the N20 billion CP programme.

This transaction has provided an alternative source of funding to the issuer and will assist in bolstering its working capital. Hence, positioning it as a leader in the pharmaceutical industry.’’

What you should know

  • MeCure Industries is a leading human therapeutics company in the pharmaceutical industry in Nigeria. The company pioneered the development of novel products and launched the pharmaceutical industry’s first tablet in a capsule formulation called ‘Liquitab Floatcap’.
  • FMDQ Group is Africa’s first vertically integrated financial market infrastructure group, strategically positioned to provide registration, listing, quotation and noting services; integrated trading, clearing & central counterparty, settlement, and risk among others.