Nigerian Exchange Lists N13.7bn Emzor Pharmaceuticals’ Bond

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Nigerian Exchange Lists N13.7bn Emzor Pharmaceuticals’ Bond Brandspurng

Nigerian Exchange (NGX) Limited has listed Emzor Pharmaceuticals Plc’s N13.7 billion 5-Year Series 1 Fixed Rate Senior Unsecured Bond due 2026 under its N50 billion Debt Issuance Programme.

According to the Nigerian Exchange, the listing of the bond showed that it was becoming the preferred listing destination for companies seeking to raise capital via corporate bonds, including private companies.

Nigerian Exchange Lists N13.7bn Emzor Pharmaceuticals’ Bond Brandspurng

The exchange explained that at the time of its issuance on 20 January 2021, the bond saw solid interest from a diverse pool of institutional investors, and was priced at a coupon rate of 10.00 per cent per annum. With this listing, members of the general public who invested in the bond can now sell their investments, while those who wish to invest can do so.

Speaking on the significance and success of the bond issuance, the Group Managing Director, Emzor Pharmaceuticals, Dr. Stella Okoli, said: 

“This first-time bond issuance is a fantastic achievement for Emzor and is in line with our commitment to facilitate unlimited wellness by delivering quality and affordable medicines for all.

“The capital raised will, therefore, drive and accelerate our expansion plans, delivering strong growth and margin improvement. We recognize the efforts of the investor community ensuring the success of this bond issuance and commit to upholding their confidence in us as we deliver on our long-term growth strategy.”

She said Emzor Pharmaceutical had become a household name and continued to establish its footprint as a leading manufacturer of high-quality pharmaceutical and medical consumables in Nigeria. According to the company, that facilitated by lead issuing house, Renaissance Securities (Nigeria) Limited, and joint issuing house, Afrinvest (West Africa) Limited, the debut offering was without a doubt, a testament to its growth potential and the level of confidence placed on the brand by the investing community.

On its part, NGX Limited said it would continue to deliver on its commitment to provide a platform for issuers and investors to meet their investment objectives. It noted that just a week ago, BUA Cement’s debut listed an N115billion bond issue, the largest of many corporate debt issuances in the history of the Nigerian capital market.

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Meanwhile, the stock market extended gains for the third consecutive trading session as a result of price appreciation in Guaranty Trust Bank Plc, Lafarge Africa Plc Union Bank of Nigeria Plc.

Consequently, the NGX All-Share Index rose 0.29 percent to close at 39,128.34. The year-to-date decline moderated to 2.8 percent.