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Guinness Nigeria, the second largest brewing company in Nigeria, has announced it would list its N10 billion commercial paper on the FMDQ OTC Securities Exchange.

Commercial Papers are short-term, unsecured debt instruments (with a tenor no longer than 270 days) issued by large corporations for financing accounts receivable, inventories, and meeting short-term liabilities.

The company said it would list its N7.23 billion Series 2 paper and N2.77 billion Series 3 paper on February 18th, according to a statement released at the Nigerian Stock Exchange on Thursday.

The planned listing comes after Guinness Nigeria successfully issued its commercial papers on November 4th, 2015. The Series 2 paper has a tenor of 182 days, while the Series 3 paper has a tenor of 268 days.

Guinness Nigeria said it is the first non-financial institution to establish a commercial paper programme following the publication of new guidelines on commercial paper by Central Bank of Nigeria in 2009.

“Our decision to list the notes on the FMDQ is to increase its visibility which will in turn lead to increased demand for future issues,” the statement said.

Founded in 2011, FMDQ OTC is an over-the-counter market operator for fixed income securities licensed by the Securities and Exchange Commission.

Last week Guinness Nigeria reported that its after-tax profits for the half-year ending on December 31st, 2015 fell by 65 percent year-on-year to N1.17 billion, compared with N3.39 billion reported in a similar period in 2014. The company’s half-year revenues also fell by 10 percent year-on-year to N49.84 billion in 2015, compared with N55.27 billion recorded in a similar period in 2014.

Guinness Nigeria controls about 25 percent market share in the Nigerian beverage manufacturing sector. The market leader, Nigerian Breweries, controls about 70 percent market share.

The company’s shares fell by 0.25 percent at the end of trading on Nigerian Stock Exchange on Thursday to close at N119.20.