Nigerian Exchange Limited hosted CardinalStone Partners Limited to a digital Closing Gong Ceremony on Thursday, 20 May 2021 to commemorate the listing of CardinalStone Financing SPV Plc’s debut N5bn, 5-Year Series 1 bonds under the company’s N10 Billion debt issuance programme.

Speaking at the ceremony, the Divisional Head, Listings Business, NGX Limited, Mr. Olumide Bolumole stated, “At NGX Limited, we continue to provide issuers with a platform that allows them meet their strategic business objectives and it is our delight to see issuers take full advantage of our products and services to support their growth story. We are, therefore, excited about the successful listing of the CardinalStone Financing SPV Plc’s ?5bn Series I Bond on the NGX Platform as it creates an avenue for price discovery and liquidity for existing and new investors. The full subscription of the listing recorded demonstrates investors’ confidence in CardinalStone which now better positions the company to sustain its impressive growth in the coming years.”

On his part, the Group Managing Director, CardinalStone Partners Limited, Mr. Michael Nzewi noted that, “Today is particularly exciting for us at CardinalStone because it represents the attainment of our aspiration to list some of the securities in our capital structure on The Exchange. We are thankful to NGX for giving us the opportunity to list on its platform; without their support, we would not be here today. We would like to assure NGX that we are committed to finding ways to leverage its products and services and drive participation in the capital market from other institutions. Of course, we appeal to our colleagues in the industry to take advantage of the opportunity to raise capital on NGX just like we have.”

The Managing Director, CardinalStone Asset Management. Mr. Mohammed Garuba also gave his remarks stating, “I thank NGX for the opportunity to be here today and must give kudos to NGX for facilitating seamless remote trading over the past year; the impact is clearly seen in capital raising activities on the bourse. I must also congratulate NGX on the recent launch of its campaign, The Stock Africa Is Made Of. It is indeed an exciting initiative as it has helped to re-engage key players within the capital market value chain. While a lot of focus has been on equities in the past, listing a bond is another way to not only raise capital but also improve governance within an organisation, which was our experience. We have learnt from this process, and are willing to support counterparts and clients who wish to embark on this journey.”

Prior to the sounding of the Closing Gong, the Managing Director, ChapelHill Denham Advisory Limited (Lead Financial Adviser/Issuing House), Mrs. Kemi Awodein, expressed appreciation to capital market players saying, “I must thank the team at CardinalStone for giving us ChapelHill Denham the opportunity to have led the issuance of their bond listing. When we opened the book in 2020, we could not have envisaged that we would have a book in excess of N6Bn but that was the strength of acceptance of CardinalStone on the buy side and for that, we must thank all our investors. I must also thank the Securities and Exchange Commission for their support through the process; NGX for the opportunity to commemorate this listing; and all professional parties to this transaction – FBNQuest Merchant Bank Limited; FCMB Capital Markets Limited; FSDH Capital Limited, to name a few.”

This Closing Gong Ceremony marks the first after the official launch of NGX Group’s campaign, The Stock Africa Is Made Of which highlighted the new positioning of the Group and its subsidiaries as amplify its new positioning and commitment to the African financial markets as a leading capital market infrastructure provider, connecting Nigeria, Africa, and the world.