HillCrest quotes N11.73bn Commercial Paper on FMDQ Exchange

FMDQ Securities Exchange Limited has approved the quotations of HillCrest Agro-Allied Industries Limited’s N2.42 billion Series 1 and N9.31 billion Series 2 Commercial Papers (CPs) under its N30 billion CP Issuance Programme. This approval by the Exchange’s Board Listings and Markets Committee underscores the important role of the Nigerian debt capital market in supporting access to efficient short-term funding for agro-processing enterprises.

HillCrest Agro-Allied Industries Limited (HillCrest) is a Kwara State-based agro-processing company operating in the Nigerian rice milling sub-sector. The company produces parboiled rice from locally sourced paddy through its expanding, technology-driven milling operations. Proceeds from this CP issuance, sponsored by Comercio Partners Capital Limited, a Registration Member (Quotation) of FMDQ Exchange, will be deployed to optimise the Issuer’s working capital, support its ongoing production capacity expansion, and strengthen its position within the Nigerian agro-allied value chain.

Dipo Omotoso, senior vice president, FMDQ Exchange, stated: “HillCrest Agro-Allied Industries Limited’s access to the CP market demonstrates how Nigeria’s capital markets continue to support the growth and expansion plans of home-grown agro-processing companies. As local enterprises continue to scale production and strengthen supply chains, FMDQ Exchange remains committed to providing the market infrastructure needed to connect these enterprises with the funding required to sustain their growth.”