Coronation Merchant Bank Limited and Mixta Real Estate Limited have listed their latest commercial paper issuances on the FMDQ Securities Exchange, paving the way for secondary trading on the investments.
FMDQ Securities Exchange listed Coronation Merchant Bank’s N11.36 billion Series 18 Commercial Papers (CP), which was issued under the bank’s N100 billion CP issuance programme. It also listed Mixta Real Estate’s N1.02 billion Series 36 Commercial Paper, which was issued under the company’s N20 billion commercial paper issuance programme.
Coronation Merchant Bank had, in 2018, joined the league of other companies whose debt profiles have been raised through the value-packed quotations service offered by FMDQ Exchange.
FMDQ noted that the continuous admission of securities to its platform is reflective of the potential of the debt capital market and the commendable level of confidence demonstrated by both issuers and investors in the market.
Coronation Merchant Bank is Africa’s premier investment bank that provides innovative solutions to the needs of corporations, governments and other financial services organisations.
The net proceeds from the new CP issuance would be used to finance Coronation Merchant Bank’s working capital requirements.
The net proceeds from the CP quotation will be used to finance Mixta Real Estate’s short-term funding requirements.
Mixta Real Estate, a subsidiary of Mixta Africa, is a real estate development company in Nigeria, with a strong track record and diverse real estate portfolio, and operations spanning the residential, commercial, and retail sectors of the Nigerian real estate industry.
Mixta Real Estate had developed more than 5,000 properties spanning across affordable homes, luxury residences, and commercial projects. The company continues to seek innovative solutions to activate development finance for affordable housing in Nigeria.
FMDQ Group prides itself as Africa’s first vertically integrated financial market infrastructure group, strategically positioned to provide registration, listing and quotation services, seamless trading, clearing, settlement, risk management, and depository of financial market transactions, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited and FMDQ Depository Limited.
Mixta commenced operations in February 2006 as a real estate investment fund management company promoted by Asset & Resource Management Company (ARM) Limited.
In 2007, the fund was converted to a property company, ARM Properties Plc, as a result of operational and tax limitations encountered due to current legislation governing real estate investment funds in Nigeria.
In 2015, ARM acquired Mixta Africa, an Africa-focused large scale property development company headquartered in Spain with subsidiary operations in several countries across North and sub-Saharan Africa. The combination of ARM Properties and Mixta Africa gave birth to Mixta Real Estate Plc.
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