Neveah Limited, an exporter of agro-commodities and solid minerals company, has announced the redemption of its N2.7billion Series 1 Commercial Paper under its debut N10billion Commercial Paper.
The announcement was contained in a statement the commodities exporting company released.
Neveah also made known the renewal of its credit rating while explaining the successful redemption of its Series 1 Commercial Paper proceeds at maturity.
According to the report, “The Series 1 CP had a tenor of 180 days and matured on the 24th of May 2022. Institutional investors, majorly asset and fund managers subscribed to the issue.
“This redemption evidences Neveah’s commitment to fulfilling its obligations while optimally utilizing proceeds for its short term working capital needs.”
The statement said further that the company has renewed its credit rating report and was accorded a long-term investment grade rating of BBB and a short-term rating of A1 by DataPro.
The rating is said to be valid till May 2023 and was assigned due to Neveah’s revenue profile and strategic diversification of income sources.
What the company is saying
Commenting on the rating renewal, Chukwuemerie Kanu, Neveah’s Head of Accounts said: “The rating has shown the credibility of Neveah Limited in meeting its short and long term obligations. Neveah is a viable investment ground for investors, and we are out to ensure that risks are at all times minimized if not eliminated.”
What you should know
- Neveah Limited is a leading commodities trading company located in Nigeria that deals in Base Metals, Minor Metals and Agro Commodities.
- The company was established in 2014 with five operational offices in different states and its head office in Abuja, Nigeria.