Coleman Technical Industries Limited has announced that FMDQ Exchange has admitted its N6.05bn Series 3 and 4 Commercial Paper under its N20bn CP Issuance Programme.
In a statement, the Managing Director/Chief Executive Officer of Coleman, Mr George Onafowokan, said this would enable the company to increase its capacity with additional working capital.
He added that the commercial paper provides alternative funding from the debt capital market via Pension Fund Asset managers, Asset managers, and other fund managers.
He said, “It also gives us the availability of a pool of funds from the capital market and enables us to increase the capacity of our business with an additional working capital availability through commercial paper and that impact our ability to increase capacity or increase efficiency that we can then build on it as a company to increase the availability of products to the country at a more affordable price.
“Coleman being able to increase its capacity and efficiency and make cables more affordable for Nigerians as a whole would affect the market positively.
“The available capital would translate to job creation because Coleman has embarked on expanding its capacity in the past year and the company is expected to open three new factories which are Sagamu two factories for the production of marine cables and gap cables for transmission.
“This will create additional jobs and the working capital will be going into the new factories as well as the optic fibre cables factory to be opened also at Arepo in the next quarter. This will also impact jobs and we expect over 500 direct jobs and indirect jobs of over 20,000.”
Onafowokan added that the cable industry needs support from the government. According to him, there is a huge responsibility on the part of the ministries of power, works, and infrastructure in enhancing the ability of the industry to deliver power projects at a cheaper cost to this country.
Source Punch
