NGX Lists CardinalStone’s N5bn Bond

Nigerian Exchange Limited (NGX) has listed CardinalStone Financing SPV Plc’s N5bn bond, 5-Year Series 1 bonds under the company’s N10 Billion debt issuance programme.

Gatekeepers News reports that during the virtual listing ceremony, the Divisional Head, Listings Business, NGX Limited, Olumide Bolumole said “at NGX Limited, we continue to provide issuers with a platform that allows them meet their strategic business objectives and it is our delight to see issuers take full advantage of our products and services to support their growth story.

“We are, therefore, excited about the successful listing of the CardinalStone Financing SPV Plc’s N5 billion Series I Bond on the NGX platform as it creates an avenue for price discovery and liquidity for existing and new investors.

“The full subscription of the listing recorded demonstrates investors’ confidence in CardinalStone which now better positions the company to sustain its impressive growth in the coming years,” he added.

The Group Managing Director, CardinalStone Partners Limited, Michael Nzewi in his remark, said: “Today is particularly exciting for us at CardinalStone because it represents the attainment of our aspiration to list some of the securities in our capital structure on the exchange. We are thankful to NGX for giving us the opportunity to list on its platform; without their support, we would not be here today.

“We would like to assure NGX that we are committed to finding ways to leverage its products and services and drive participation in the capital market from other institutions. Of course, we appeal to our colleagues in the industry to take advantage of the opportunity to raise capital on NGX just like we have.”

Gatekeepers News reports that the Managing Director, CardinalStone Asset Management Limited, Mohammed Garuba also said: “I thank NGX for the opportunity to be here today and must give kudos to NGX for facilitating seamless remote trading over the past year; the impact is clearly seen in capital raising activities on the bourse. I must also congratulate NGX on the recent launch of its campaign, The Stock Africa Is Made Of.

“It is indeed an exciting initiative as it has helped to re-engage key players within the capital market value chain. While a lot of focus has been on equities in the past, listing a bond is another way to not only raise capital but also improve governance within an organisation, which was our experience. We have learnt from this process, and are willing to support counterparts and clients who wish to embark on this journey.”

Likewise, the Managing Director, ChapelHill Denham Advisory Limited (Lead Financial Adviser/Issuing House), Kemi Awodein, expressed gratitude to the capital market players.

“I must thank the team at CardinalStone for giving us ChapelHill Denham the opportunity to have led the issuance of their bond listing. When we opened the book in 2020, we could not have envisaged that we would have a book in excess of N6Bn but that was the strength of acceptance of CardinalStone on the buy side and for that, we must thank all our investors.

“I must also thank the Securities and Exchange Commission for their support through the process; NGX for the opportunity to commemorate this listing; and all professional parties to this transaction – FBNQuest Merchant Bank Limited; FCMB Capital Markets Limited; FSDH Capital Limited, to name a few,” she said.