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Skymark Partners Limited redeems NGN1.2bn Series 3 Commercial Paper under its NGN5bn Commercial Paper Programme

Skymark Partners Limited, a private investment company focused on investing and creating wealth in critical growth sectors of the Nigerian economy, has announced the maturity and successful redemption of its Series 3 Commercial Paper (CP) under its NGN5bn Commercial Paper Programme.

The NGN1,184mn 182-day Series 3 Commercial Paper which was issued and quoted earlier in June this year on the FMDQ Securities Exchange, matured on the 19th of December, 2022. In line with best practice, the Exchange has been informed of the repayment.

Commenting on the successful redemption, Mr. Egie Akpata, FCCA, Chairman of Skymark Partners Limited, said, “We are pleased to have fully repaid all the investors in the Series 3 issuance. We thank all the institutional investors for their participation and reiterate our commitment to be a counterparty that can be counted on for the long term.”

Furthermore, he stated, “This third CP redemption reflects Skymark’s capacity to meet its financial obligations as at when due, irrespective of market conditions. We intend to remain an active issuer in the commercial paper market.”

The continued growth trend of revenue and profits in FY 2021 resulted in DataPro affirming Skymark’s long term rating of A and short-term rating of A1. The rating remains valid till June 2023. Unaudited accounts as at September 30, 2022 show strong growth of all key financial metrics of Skymark Partners Ltd.

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What you should know

Skymark Partners Ltd is a principal investment company with interests in financial services, technology, and real estate amongst others. Skymark Partners was incorporated in 2009 and is based in Lagos.

Skymark Partners N5bn Commercial Paper Programme was admitted onto the FMDQ Securities Exchange platform in February, 2022.

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Series 1-6 CPs issued under the programme have raised N5.4bn for working capital financing.

Series 1, 2 & 3 CP maturities have repaid N2.3bn.

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