Geregu Power Plc to list N40 bln bonds on FMDQ platform

Geregu Power Plc, a power generating firm on Thursday said it has secured the approval to list its N40 billion series 1 fixed rate senior unsecured bond of the platform of the FMDQ Securities Exchange.

In a regulatory filing with the Nigerian Exchange Limited (NGX), the power-generating company majorly owned by billionaire Femi Otedola said the bond will be added on the FMDQ’s daily quotations and listing page.

“Geregu Power Plc (the Company) hereby notifies the Nigerian Exchange Limited and the Investing public that the Company has obtained the approval to list the N40.09Billion Series 1 Fixed Rate Senior Unsecured Bond (the ‘Bond’) on FMDQ Securities Exchange.

“Arising from the foregoing, the Bond will be added on the FMDQ’s daily quotations and Listings Page on the FMDQ Exchange website after which the Bond shall be admitted for trading,” the company said in the regulatory communication signed by the company secretary, Akinleye Olagbende.

It would be recalled that Global Financial Digest reported last week that Geregu became the first power generating company in the country to be admitted to the Mainboard of the NGX.

The company listed 2.5 billion ordinary shares of 50 kobo each at N100 per share were admitted on the Exchange.

Also, the company raised the N40.08 billion Senior Unsecured Bonds under its N100 billion multi-instrument issuance programme at 14.5 per cent in July this year.

The bonds issuance which commenced on July 1, 2022, following relevant approval of the Securities and Exchange Commission (SEC) closed on July 14, 2022, with a bond yield of 14.50 per cent.

The Chief Executive Officer of Geregu Power, Akin Akinfemiwa stated that the capital raising would in no small measure support the company’s capital investments.