Skymark Partners Limited, a private investment firm focusing on investing and generating wealth in Nigeria’s vital development areas, has announced the maturity and successful redemption of its Series 10 & 12 Commercial Papers (CP) under its NGN10bn Commercial Paper Programme.
The NGN2.31bn 182-day Series 10 Commercial Paper, which was issued and listed on the FMDQ Securities Exchange in May 2022, matured on October 31, 2023. The NGN0.91 billion 91-day Series 12 CP was issued in July 2023 and matured on October 5th, 2023.The FMDQ Securities Exchange has been notified of the repayments in accordance with existing procedures.
Mr. Egie Akpata, FCCA, Chairman of Skymark Partners Limited, commented on the successful redemption:
“We are pleased to have fully repaid all the investors in the Series 10 & 12 issuances. 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 tenth and twelfth Series CP redemption reflects Skymark’s capacity to meet its financial obligations 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 2022 resulted in DataPro affirming Skymark’s long-term rating of A and short-term rating of A1. The rating remains valid till June 2024.
Unaudited accounts as of September 30, 2023, show strong growth of all key financial metrics of Skymark Partners Ltd.
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’ initial N5bn Commercial Paper Programme was admitted onto the FMDQ Securities Exchange platform in February 2022. FMDQ approved the Programme increase to N10bn in September 2023.
Series 1-16 CPs issued under the programme have raised N15.7bn for working capital financing.
Series 1 – 10, &12 CP maturities have repaid N10.8bn.
