Infostride News reports that Skymark Partners Limited, a private investment company dedicated to nurturing wealth and investment opportunities in strategic sectors of Nigeria’s growing economy, has proudly declared the successful maturity and redemption of its Series 10 and 12 Commercial Papers (CPs) as part of its NGN10 billion Commercial Paper Programme.
The NGN2.31 billion Series 10 Commercial Paper, which had a tenor of 182 days and was issued and listed on the FMDQ Securities Exchange in May 2022, reached maturity on October 31, 2023. On the other hand, the NGN0.91 billion Series 12 CP, with a tenor of 91 days, was issued in July 2023 and matured on October 5, 2023. In full compliance with the existing regulatory requirements, the FMDQ Securities Exchange has been promptly notified of the successful repayments.
In light of this noteworthy achievement, Mr. Egie Akpata, FCCA, the Chairman of Skymark Partners Limited, expressed his satisfaction and appreciation, saying:
“We are delighted to announce the complete redemption of the Series 10 & 12 issuances, and we extend our gratitude to all the institutional investors for their participation. We reiterate our commitment to being a dependable counterparty for the long term.”
Furthermore, he emphasized:
“The redemption of the tenth and twelfth Series Commercial Papers highlights Skymark’s ability to fulfill its financial obligations promptly, regardless of market conditions. We intend to remain an active participant in the commercial paper market.”
The sustained upward trajectory in revenue and profits throughout the fiscal year 2022 resulted in DataPro reaffirming Skymark’s long-term rating as ‘A’ and its short-term rating as ‘A1.’ These ratings are valid until June 2024.
As of September 30, 2023, unaudited financial statements reveal robust growth in all critical financial indicators of Skymark Partners Ltd.
Here are some key points to take into consideration:
1. Skymark Partners Ltd operates as a principal investment company with diverse interests spanning financial services, technology, real estate, and more. The company was established in 2009 and has its headquarters in Lagos.
2. Skymark Partners’ initial NGN5 billion Commercial Paper Programme was admitted to the FMDQ Securities Exchange platform in February 2022. In September 2023, FMDQ granted approval for the expansion of the Programme to NGN10 billion.
3. The Series 1-16 Commercial Papers issued under the program have successfully raised a total of NGN15.7 billion, primarily for financing working capital requirements.
4. To date, Series 1, 10, and 12 Commercial Paper maturities have collectively repaid NGN10.8 billion, underscoring the company’s commitment to honoring its financial obligations.
This development underscores Skymark Partners’ continued commitment to financial excellence and reliability, as well as its mission to actively contribute to the growth and stability of Nigeria’s economic landscape. As it continues to navigate and excel in the commercial paper market, Skymark’s impressive performance stands as a testament to its financial prudence and the trust it has garnered among institutional investors.
Skymark Partners’ ability to meet and surpass its financial obligations, even in the face of changing market dynamics, highlights its resilience and stability as a player in the Nigerian financial landscape. Investors and stakeholders can take confidence in Skymark’s commitment to delivering on its financial promises and actively participating in the commercial paper market, making it a notable and dependable counterparty.
It’s important to note that Skymark’s long-term and short-term ratings remain strong, demonstrating the trust and confidence that financial institutions and investors place in the company. These ratings are a reflection of Skymark’s sound financial management, robust growth, and its proven track record of meeting its financial commitments. With the continued support of its investors and the backing of a strong financial ecosystem, Skymark is well-positioned for sustained success in the years to come.
The unaudited financial statements as of September 30, 2023, provide further evidence of Skymark’s financial health and growth. These statements reveal significant progress across key financial metrics, showcasing the company’s ability to generate value and drive profitability. This growth is a result of Skymark’s strategic investments in various sectors of the Nigerian economy, including financial services, technology, and real estate.
Skymark Partners Ltd’s journey, which began in 2009, is a testament to the company’s commitment to contributing to the development and prosperity of Nigeria. Over the years, Skymark has diversified its portfolio to include various growth sectors, reflecting its vision of creating wealth and investment opportunities in critical areas of the economy. This diversification has allowed the company to weather market fluctuations and economic challenges, emerging as a trusted and reliable player in the Nigerian financial landscape.
Skymark’s Commercial Paper Programme, initially launched at NGN5 billion and subsequently expanded to NGN10 billion, is a strategic move that aligns with the company’s growth and investment objectives. This initiative has not only provided Skymark with the capital needed for its working capital requirements but has also contributed to the growth of the Nigerian financial market. As Skymark continues to tap into the commercial paper market, it plays an essential role in providing opportunities for investors while contributing to the overall financial stability of the country.
The successful maturity and redemption of Series 10 and 12 Commercial Papers represent a significant milestone for Skymark Partners. It underscores the company’s commitment to fulfilling its financial obligations, irrespective of market conditions, and highlights its dedication to long-term relationships with investors. As Skymark continues to grow and thrive in the commercial paper market, it sets a positive example for other financial institutions and investment companies in Nigeria.
In conclusion, Skymark Partners Ltd’s successful redemption of Series 10 and 12 Commercial Papers demonstrates its commitment to financial excellence and reliability. With a strong financial ecosystem, a diverse portfolio of investments, and a track record of meeting its financial commitments, Skymark is well-positioned for sustained success in Nigeria’s dynamic economic landscape. As it continues to contribute to the growth of the Nigerian financial market, Skymark remains a reliable and trustworthy partner for investors and stakeholders alike.
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