FMDQ Admits N25.3bn Ardova PLC’s Two Tranches Bonds Listing

FMDQ Securities Exchange Limited (FMDQ Exchange), through its Board Listings and Markets Committee, has admitted the listing of the Ardova PLC N11.44 billion Tranche A and N13.86 billion Tranche B Series 1 Fixed Rate Bonds under its N60.00 billion Bond Issuance Programme .

FMFDQ Exchange on Wednesday announced the admission of the Issuer’s bond listing on its platform, explaining that the proceeds generated from these issuances will be utilised by the issuer for retail expansion projects, upgrade of existing infrastructures, provision for debt service reserve account funding and other working capital requirements.

The Chief Executive Officer, Ardova PLC, Mr Olumide Adeosun, commented on the listing, stating “we are humbled by the warm reception of our Tranche A and Tranche B Series 1 bonds issued by Nigeria’s ever-growing institutional investor community. The 7-year and 10-year tranches provide Ardova with the much-needed flexibility to expand our operations and increase our footprint across the country.

“Our relationship with Nigeria’s debt capital markets commenced in December 2016 with the issuance of the Company’s debut bonds. This landmark transaction evidences our commitment to nurturing this relationship and adopting the debt capital markets as a fundamental part of our funding strategy on our journey towards being the largest supplier of energy for a brave new world”.

Also speaking on the successful issuances, the sponsor of the bonds and a Registration Member (Listings) of FMDQ Exchange, Vetiva Capital Management Limited, represented by the Managing Director/Chief Executive Officer, Mr Chuka Eseka said “Vetiva is delighted to have provided Ardova with full-scope advisory and issuing house services on the offer.

“The success of the transaction demonstrates investors’ confidence in the management, vision, and purpose of the Ardova team and we thank the Board and management of Ardova for giving Vetiva the opportunity to lead on this landmark transaction. We are very proud to be associated with Ardova and look forward to extending our advisory capabilities to the Company on its other strategic initiatives”.The admittance of the Ardova bonds on the FMDQ Exchange platform validates the Exchange’s conscious drive to support the goals of corporate businesses and to deepen the Nigerian debt capital market by steadfastly availing its efficient platform for the registration, listing and quotation of debt securities.