By Merit Ibe
Coleman Technical Industries Ltd has successfully paid back series two N3.804 billion under its N20 billion CP Issuance Programme on the FMDQ Exchange.
The company recently admitted N6.05 billion series 3 & 4 Commercial Paper (CP) under its N 20 billion CP Issuance Programme on the FMDQ Exchange.
Reacting to the new development, the Managing Director/CEO of Coleman, Mr. George Onafowokan, said this would enable the company to increase the capacity of the business with additional working capital.
“The major advantage of this to Coleman is the credibility the repayment of the series will give to us as an indigenous manufacturing company.
“It has never been seen by anybody in the cable industry in Nigeria and West Africa to sustain such repayment. For us to sustain this, it means that we can sustain the business itself and the projection of the growth of the business and most importantly, we can sustain its expansion and its workforce.”
According to him, it should be noted that an indigenous company can sustain its repayment based on the belief and the faith the capital market has in it, and being an indigenous company, can sustain its employees and growth.