United Capital Raises N5.3bn To Enhance Services
OMOTAYO ARAOYE
United Capital PLC has raised N5.3 billion from its Series 1 and 2 Commercial Paper (CP) under its N20 billion programme registered with Financial Market Dealers Quotation (FMDQ) Securities Exchange.
The company which is a leading pan-African financial and investment services group stated that the Commercial Paper (CP) issuance, which was approved by the Company’s shareholders at the Annual General Meeting of March 2018, was subjected to regulatory approvals.
The CP raised in line with the Group’s strategic initiatives is to provide innovative financing solutions to the company’s corporate, institutional and government (parastatals, sovereign and sub-sovereigns) clients.
Chief Executive Officer, United Capital Plc, Peter Ashade, says, “The Commercial Paper issuance will enable us to provide a wider range of wholesale financing solutions to our clients”.
He added that “It will also further complement our stable funding base and support the growth of our overall business”.
Ashade said, “The Series 1 & 2 issuances, with tenors of 182 days and 270 days, were largely subscribed to by individual and institutional investors, with interest significantly tilted towards the 270-day offering”.
He mentioned that in spite of the challenging operating environment that was experienced in 2019, the United Capital Plc group has been able to consistently improve in its performance.
United Capital Plc is a leading African investment banking, asset management, trusteeship, and securities trading player, providing a bouquet of diverse financial services to individuals, companies and governments, enabling growth at all levels.
The company has recently reported revenue of N8.598 billion for the year ended December 31, 2019, while profit after tax rose by 15 per cent from N4.34 billion to N4.97 billion.
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