As a financial market infrastructure positioned to champion and support market-driven initiatives towards facilitating growth and development in the Nigerian financial markets, FMDQ Securities Exchange Limited (“FMDQ Exchange” or “the Exchange”), through its Board Listings and Markets Committee, 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 (“Ardova” or “the Issuer”) 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 (450) 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.
The Chief Executive Officer, Ardova PLC, Mr. Olumide Adeosun, commented on the listing, stating “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”.
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
