Flour Mills to diversify funding sources
Flour Mills of Nigeria (FMN) Plc has revealed its intention to explore diversified funding sources from the Nigerian capital market
This was disclosed at the listing of the Tranche A and Tranche B bonds valued at N29.8 billion on the Nigerian Stock Exchange (NSE) by the company’s managing director, Omoboyede Olusanya.
The company issued these bonds under its N70 billion Bond Issuance Programme.
Olusanya explained that the bonds floated will help the company with the much needed capital security and fund, adding the that the company will continue to engage in long term financing cost reducing effort. He also reinstated the company’s commitment to feeding the nation and bettering the lives of the citizens
“We are delighted with the response from the market, we are happy to be listed.
“We are introducing an N29.9 billion listing under an N70 billion bond issuance cover; we will continue to raise funding to diversify our funding sources.
“The company remains passionate about feeding the nation to improve the quality of living for Nigerians through increased production and investments in backward integration.”
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