Nigeria Mortgage Refinance Company PLC Lists ₦10.00 Bn Fixed Rate Bond on FMDQ Exchange

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FMDQ Securities Exchange Limited (FMDQ Exchange), following the due diligence of its Board Listings and Markets Committee, has approved the Listing of the Nigerian Mortgage Refinance Company PLC (NMRC) Series 3 ₦10.00 billion Fixed Rate Bond under its ₦440.00 billion Bond Issuance Programme on its platform.

The listing joins a host of other corporate securities issued on the FMDQ Exchange Platform to kick off the year 2021 in addition to Total Nigeria PLC, Valency Agro Nig. Ltd., Mixta Real Estate PLC and Flour Mills of Nigeria PLC.

CAMA 2020 Netting Provisions: Game Changer for FMDQ Derivatives and Central Counterparty Agenda

In view of the sustained disruptions occasioned by the impact of the COVID-19 pandemic to businesses and economies alike, the Nigerian capital market has continued to provide the much-needed succour for corporate entities looking to raise funds to meet shortfalls in their working capital needs as well as capital expenditures.

The Nigerian real estate sector has evidently been one of the worst-hit sectors with financing remaining a core challenge for property developers and prospective homeowners.

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The NMRC is a private sector-driven mortgage refinancing company with the purpose of promoting homeownership for Nigerians while deepening the primary and secondary mortgage markets by raising long-term funds from the capital market, to enhance access to affordable housing finance in Nigeria.

Nigeria Mortgage Refinance Company PLC Lists ₦10.00 Bn Fixed Rate Bond on FMDQ Exchange

In a quote by the Managing Director of NMRC, Mr. Kehinde Ogundimu, he mentioned that “the proceeds of the issue would be used to refinance existing and conforming mortgage loans, he added that the issuance also demonstrates NMRC’s commitment to the provision of affordable liquidity to the mortgage market by attracting long-term funding into the housing finance industry from the capital markets.

Mr. Ogundimu further stated that the prevailing interest rate regime will reduce the rate at which the primary mortgage institutions lend to their customers and in the long-term, substantially drive a reduction in mortgage interest rates as well as translate to cost reductions in housing construction finance going forward”.

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In an additional quote by the sponsors of the transaction on the Exchange, DLM Capital Group said “We are proud to have acted as Issuing House and Financial Advisors on the NMRC Series 3 Bond issuance.

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The success of the deal indicates that investors have an appetite for long tenured assets and highlights their confidence in NMRC’s operating model. We expect the impact on the mortgage industry to be far-reaching, making home-ownership much more accessible to the average individual”.

These recent admissions to FMDQ Exchange’s platform are reflective of the potential of the Nigerian DCM and the commendable level of confidence demonstrated by both issuers and investors in the market.

They also validate the efficient processes and integrated systems through which FMDQ Holdings PLC (FMDQ Group or FMDQ), through its wholly-owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited – has sustained its uninterrupted service delivery to the market and its diverse stakeholders during these uncertain times and beyond.

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As is the corporate tradition for FMDQ Exchange, these securities shall be availed the benefits of the value-driven listings and quotations service on the Exchange, including global visibility through its website and systems, liquidity credible price formation and continuous information disclosure to protect investor interest, amongst others.

In keeping with its commitment to the development of the market, FMDQ Exchange shall sustain its efforts in supporting issuers with tailored financing options to enable them to achieve their strategic objectives, deepen and effectively position the Nigerian DCM for growth, in support of the realisation of a globally competitive and vibrant economy.

FMDQ Group is Africa’s first vertically integrated financial market infrastructure (FMI) group providing a one-stop platform for the seamless and cost-efficient execution, risk management, clearing, settlement and depository services, as well as data and information services across the debt capital, foreign exchange and derivatives markets in Nigeria.

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Nigeria Mortgage Refinance Company PLC Lists ₦10.00 Bn Fixed Rate Bond on FMDQ Exchange - Brand SpurNigeria Mortgage Refinance Company PLC Lists ₦10.00 Bn Fixed Rate Bond on FMDQ Exchange - Brand Spur

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Nigeria Mortgage Refinance Company PLC Lists ₦10.00 Bn Fixed Rate Bond on FMDQ Exchange - Brand SpurNigeria Mortgage Refinance Company PLC Lists ₦10.00 Bn Fixed Rate Bond on FMDQ Exchange - Brand Spur

Latest News

Vivocom’s Group Game Changer – Multi-Billion Sand Project Secured

  • Initial contract worth RM3.79 billion for three years
  • Aspires to be a major industry player 'with exponential growth prospects'


KUALA LUMPUR, MALAYSIA - Media OutReach - 26 February 2021 - In a filing to Bursa Malaysia this evening, Vivocom Intl Holdings Berhad ('Vivocom') announced that V Development Group via one of its subsidiaries has secured a 'massive win' worth approximately USD934.7 million or the equivalent of RM3.79 billion.

Rain International Sdn Bhd ('Rain International') is a 97% owned subsidiary under the V Development Group which was recently merged into the Vivocom Group. The Company's proposed acquisition of V Development Group had been recently approved by the relevant authorities.

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Rain International is principally involved in the mineral trading and exportation business, supplying sand to its client mainly in Hong Kong and China for reclamation and construction works. The Company had recently signed a contract for the supply of marine sand for a minimum period of three years.

The contract is for the supply of sand to Zhen Hua Engineering Company Ltd-China Communications Construction Company Ltd-CCCC Dredging (Group) Company Ltd. (ZHEC-CCCC-CDC), a Joint Venture contractor appointed to undertake the main reclamation works for the Hong Kong International Airport Three Runway System Project.

Director Mr William Chan Ching-Kee said: "As the appointed agent for the ZHECC-CCCC-CDC Joint Venture, we are looking forward to the exportation of sand from Malaysia to our client in Hong Kong to commence without any further delay."

Dato Seri Chia is optimistic that the contract would be extended for another two to three years and could potentially generate revenue of up to RM6 billion.

"The sand business is a major boost because it gives us tremendous visibility. The potential revenue is huge, recurring and highly scalable," its jubilant CEO, Dato Seri Chia Kok Teong exclaimed.

"The potential for explosive growth in the sand business is real and tangible, and bodes well for the Group in the next few years."

"We are starting with 3 years but the contract can easily be increased to 5 years and beyond, with higher tonnage shipped every 6 months. The exportation of sand will increase sharply over time," he added.

Besides the reclamation works for the Hong Kong International Airport, the rapid pace of construction and reclamation works in China and Singapore also requires heavy demand for sand, which is a considerable boon to Malaysia.

"The market for sand export is extremely humongous and will fuel the Group's rapid growth for the next several years. The RM3.79 billion Win is the first of many more to come."

"I have in fact urged my team to secure up to RM10 billion worth of sand contracts by the end of 2021. This is part of our overall transformation strategy to become a multi billions conglomerate," declared Dato Seri Chia.

"It is our core strategy to strengthen and diversify the Group's revenues generation capabilities and capacities and not be too narrowly focussed."

"Presently, we are already in negotiations for another RM2 to RM3 billion sand contract. Once finalised, we will make the relevant announcement as per Bursa Malaysia's requirements," Dato Seri Chia elaborated.

The sand would be procured from an approved permit holder to export sand overseas, and sourced from concession areas in Sandakan and Sungai Beluran in Sabah and throughout Malaysia.

"Even with this massive sand contract already secured, we will not be complacent. I have earlier promised to transform Vivocom into a behemoth Conglomerate and I will work non-stop to deliver on the promise," Dato Seri assured.

Since Dato Seri Chia's entry into Vivocom in January 2020 when its price was at 15 cents, the share has climbed sharply and last closed at RM1.06 on Thursday, 25th February 2021.

"I am very optimistic that Vivocom shares will continue to grow strongly and be worth a lot more than presently over time. I'm proud to say that we are no longer a penny stock," he reflected.

"My team is totally committed to building Vivocom into a reputable and profitable public company, one with solid fundamentals, sustainable profits and healthy cashflows."

"As a priority, we will work towards getting the Group elevated to the Main Board of Bursa Malaysia and be a dividends-paying company soonest possible," quipped Dato Seri.

To show his commitment, Dato Seri Chia has undertaken a voluntary self--imposed moratorium (or SIM) in that he will not dispose his personal stakes in Vivocom for the next 3 years. This will ensure the company's long-term price stability and sustainability.

"We want a stable and strong share price so that the Company can use its shares with its high liquidity as a currency for M&A activities to fund and fast-track expansion and growth," he explained.

"A strong share with high liquidity is a most valuable and prized asset. We will use it to buy Companies with game-changing and disruptive strategies. To look for the Next Big Thing."

"The enormous followings in the Company are what is driving in tremendous liquidity and momentum giving our share price added impetus," Dato Seri proudly asserts.

"We aspire to emulate Berkshire Hathaway strategy started over 40 years ago by Mr Warren Buffet. Mr Masayoshi Son built SoftBank Group of Japan along the same philosophy and Alphabet in US adopted similar strategies."

"These three companies are presently amongst the most valuable and admired companies in the world. I have the same dream for Vivocom. I am determined to leave behind an enduring legacy for all our valued shareholders," concluded Dato Seri Chia.

Nigeria Mortgage Refinance Company PLC Lists ₦10.00 Bn Fixed Rate Bond on FMDQ Exchange - Brand Spur
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- Advertisement -Nigeria Mortgage Refinance Company PLC Lists ₦10.00 Bn Fixed Rate Bond on FMDQ Exchange - Brand SpurNigeria Mortgage Refinance Company PLC Lists ₦10.00 Bn Fixed Rate Bond on FMDQ Exchange - Brand Spur