The Nigerian Exchange Limited has listed N4.08bn of the AVA Infrastructure Series 1 Fund on its trading platform.
AVA Infrastructure Series 1 Fund’s 4,075 units were listed on the Main Board of NGX at N1m each as a closed-end fund and a naira-denominated unit trust scheme.
The notice of the listing of the AVA Global Asset Managers Limited’s AVA Infrastructure Series 1 Fund was signed by the Head of the Issuers Regulation Department of NGX, Godstime Iwenekhai, who disclosed that the securities were issued under the N200bn issuance programme.
AVA Capital Partners Limited is the issuing house for the fund; the trustee of the fund is STL Trustees Limited; United Bank of Africa is serving as its custodian; and Cordros Registrars Limited will act as the registrar.
AVA Global Asset Managers announced its Series I issuance of the fund, valued at up to N200bn, on January 29, 2024, and closed on March 6, 2024.
“The fund aims to address Nigeria’s infrastructure gaps by strategically channelling institutional capital into infrastructure projects and is designed to encourage innovative businesses in sectors such as power, telecommunications, agribusiness, and supporting infrastructure, gas distribution, processing, and storage.
“The fund’s main objective is to deliver consistent and reliable income to unit holders through debt financing for infrastructure projects in Nigeria. It seeks to focus on projects or businesses that offer vital economic and social services, exhibit stable cash flows, and utilise long-lived assets,” the company said.
The Managing Director of AVA Global Asset Managers, Efe Shaire, said that the fund’s objective was to strategically distribute private financing, noting that the projects would provide steady, predictable cash flows in the future.
The PUNCH reports that AVA Global Asset Managers Limited received approval from the Securities and Exchange Commission for a N200bn AVA Infrastructure Fund Programme earlier in the year.
SOURCE: PUNCHNG
