FMDQ Securities Exchange Limited has admitted the listing of the Ardova Plc ₦11.44 billion Tranche A and ₦13.86 billion Tranche B Series 1 Fixed Rate Bonds under its ₦60.00 billion Bond Issuance Programme on its platform.
Ardova Plc is a leading indigenous and integrated energy company involved in the distribution of petroleum products. With an extensive network of over four hundred and fifty retail outlets in Nigeria and significant storage facilities, Ardova procures and distributes petrol (PMS), diesel (AGO), kerosene (DPK), and liquefied petroleum gas (LPG), and also manufactures and distributes a wide range of quality lubricants from its oil blending plant in Lagos.
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.
Chief Executive Officer, Ardova Plc, Mr. Olumide Adeosun, while commenting on the listing, said, “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,” he said.
Also speaking on the successful issuances, the sponsor of the bonds and a Registration Member 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,” he said..
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.
