Firm seeks N590m to boost operations through commercial paper

SKLD Integrated Services Limited unveiled its Series 10 and 11 commercial paper issuances to raise N590m.

It disclosed in a statement on Monday that the issuance, facilitated by Afrinvest Capital Limited, was still open and would close on July 24, 2024.

The Group Managing Director at Afrinvest West Africa Limited, Ike Chioke, noted that the move was part of SKLD’s strategy to secure short-term debt capital to enhance its operations and support its ambitious growth plans.

“Afrinvest Capital Limited is pleased to inform you that the Series 10 & 11 Commercial Paper Issuances of SKLD Integrated Services Limited (“SKLD” or “the Issuer” or “the Company”) of up to N590m is still open and scheduled to close on July 24, 2024,” he stated.

SKLD is a provider of educational and office supplies, branded products, garment manufacturing, and humanitarian aid procurement services in Nigeria.

He added that SKLD Relief collaborated with international humanitarian organisations, including the United Nations Children’s Fund, United Nations Educational, Scientific and Cultural Organization, and international NGOs, to supply essential kits for various intervention projects.

Ike added that SKLD had established partnerships with over 500 schools across 20 cities in Nigeria, providing uniforms through its flagship brand, Marcel Hughes Apparel.

Additionally, SKLD’s e-commerce platform, skit.ng serves a growing customer base of over 25,000 annually.

“The Skit Shop subsidiary boasts the largest retail network for back-to-school shopping, with annual revenues of N2.78bn in 2022 and N3.86bn in 2023 and has expanded its retail stores from three in 2020 to seven today.

“SKLD, through its Skit Shop subsidiary, has the largest retail network in the country for all things back-to-school shopping with annual revenue at N2.78bn and N3.86bn in 2022 and 2023, respectively. Skit Shop increased its retail stores from three in 2020 to seven today. These stores are located across commercial hubs in Lagos, Abuja and Port-Harcourt,” Ike noted.

He stated that the N590m sought through commercial paper issuance would be used to finance SKLD’s working capital requirements.

“SKLD is seeking to raise to N590m in short-term debt capital to finance its working capital requirements to further consolidate on its growth and operations and diversify its sources of finances,” he stated.