NGX attracts N13.7bn debut bond of Emzor Pharmaceuticals

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NGX attracts N13.7bn debut bond of Emzor Pharmaceuticals


 

 

The Nigerian Exchange Limited (NGX) has announced the listing of a N13.7 billion bond of Emzor Pharmaceuticals which is the first of its kind in the history of the manufacturer of medical consumables.

This is the second bond listed on the bourse after its recent successful demutualisation as continues to be the preferred listing destination for companies seeking to raise capital via corporate bonds, including private companies looking to raise public capital.

Emzor is leveraging on the Exchange with the exclusive listing of the N13.7billion 5-Year Series 1 Fixed rate Senior Unsecured Bond, due 2026 on the floor of NGX on Wednesday.

The listing is the first public instrument issued by Emzor Pharmaceuticals and is part of its larger N50 billion Debt Issuance Programme.

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 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 issue, the Group Managing Director, Emzor Pharmaceuticals, Dr. Stella Okoli, OON, commented: “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 recognise the efforts of the investor community ensuring the success of this bond issuance and commit to uphold their confidence in us as we deliver on our long- term growth strategy.”

According to her, Emzor Pharmaceutical has over the years become a household name and continues to establish its footprint as a leading manufacturer of high-quality pharmaceutical and medical consumables in Nigeria.

Facilitated by lead issuing house, Renaissance Securities (Nigeria) Limited, and joint issuing house, Afrinvest (West Africa) Limited, the debut offering is without a doubt, testament to the company’s growth potentials, and the level confidence placed on the brand by the investing community, she explained.

On its part, NGX Limited continues to deliver on its commitment to provide a platform for issuers and investors to meet their investment objectives.

Just a week ago, the market witnessed the BUA Cement’s debut listing with a N115 billion Bond issue, the largest of many corporate debt issuances in the history of the Nigerian capital market.