Neveah Limited, exporter of Agro-commodities and solid minerals company. The company announces redemption of its N2.7bn Series 1 Commercial Paper under a debut N10bn commercial paper.
Neveah also disclosed the renewal of its credit rating while explaining the successful redemption. As its Series 1 commercial paper proceeds at maturity. “This redemption evidences Neveah’s commitment to fulfilling its obligations while optimally using proceeds for its short term working capital needs.”
The statement said the company had renewed its credit rating report and accorded a long-term investment grade. With a rating of BBB and a short-term rating of A1 by Datapro. The rating is to be valid till May 2023. This is because of Neveah’s revenue profile and strategic diversification of income sources.
Commenting on the rating renewal, Neveah’s Head of Accounts, Chukwuemerie Kanu, 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 minimised if not eliminated.”
-Punch
