Emzor Pharma Funding SPV Plc has listed a ₦26.70 billion five-year fixed-rate bond on FMDQ Exchange, giving Nigeria’s largest indigenous pharmaceutical manufacturers access to long-term capital for expansion. The Series 1 bond carries a 19% fixed rate and was issued under the company’s ₦40 billion bond programme.
The proceeds will support working capital and expansion of Emzor Pharmaceutical Industries’ local manufacturing capacity, with the company positioning the funding as part of its efforts to strengthen domestic pharmaceutical production and reduce reliance on imported medicines.
The listing is significant for investors because it shows continued demand for Nigeria’s debt capital markets to finance expansion outside the traditional banking system. It also gives Emzor access to longer-term funding, potentially supporting increased production capacity and its regional ambitions.
The bond is the company’s second domestic bond issuance, according to Emzor Pharma Funding’s chairman, marking another step in its use of the local capital market to finance growth.
Investors should watch how the company deploys the proceeds, particularly whether increased manufacturing capacity translates into stronger revenues and improved operating performance.
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