Article Summary

  • FMDQ Exchange registers Hartleys Supermarket & Store Limited Commercial Paper Programme on its Platform.
  • The development allows the Issuer to efficiently raise short-term finance from the Nigerian debt markets, through CP issues, within the CP Programme limit.

FMDQ Securities Exchange Limited (FMDQ Exchange) has approved the registration of the Hartleys Supermarket & Stores Limited N5.00 billion Commercial Paper (CP) Programme and quotation of the N0.62 billion Series 1 CP under its N5.00 billion CP Issuance Programme on its platform.

This is contained in a statement from FMDQ and made available to Nairametrics.

FMDQ disclosed that in other to guarantee sustained business operations in the current challenging economic environment, corporate institutions have continued to explore alternative financing options by tapping the debt capital market, to plug capital shortfalls.

The Exchange further noted that access to capital remains a top priority for corporates, as capital is required to meet short-term debt obligations, such as working capital needs, funding expansion aspirations, and existing debt obligations.

Access to Capital

Hartleys Supermarket & Store Limited (the Issuer) is a brand that is driven by the commitment to deliver the ultimate shopping experience to its customers by offering a wide variety of products at competitive prices across its various store locations.

The quotation of the Series 1 CP, sponsored by United Capital Plc– a Registration Member (Quotations) of FMDQ Exchange, strategically positions the Issuer to raise finance for its general corporate purposes from the Nigerian debt markets. Through this quotation, the Issuer will not only benefit from the Exchange’s robust platform but also gain access to a wide range of qualified institutional investors.

According to FMDQ, the registration of the Hartleys Supermarket & Stores Limited CP Programme and the subsequent quotation of its Series 1 CP, validates its conscious drive to support the goals of corporate businesses and to deepen the Nigerian debt markets by availing its platform for the registration, listing, and quotation of debt securities.

What you should know

Hartleys, which opened its first store in 2018, has evolved to become one of the reliable supermarkets, from its in-store services to home delivery services on a wide range of product categories which include Butchery, Fresh Produce, Wines and Spirits, Deli, Confectionery, Bakery, Personal Care, Household products and more.

Speaking recently Mr. Boye Olawoye, Founder/Director of Hartleys Supermarket said that although it’s been a tough year with devaluation, and random increase in prices of consumer goods, the company also wants to keep ensuring it makes shopping a pleasant experience for customers