NSE Lists Shares of 10 Firms Valued at N3.35trn

By Dipo Olowookere

Shares of 10 companies worth N3.35 trillion have been admitted on the trading platform of the Nigerian Stock Exchange (NSE) since the beginning of this year, Business Post has learned.

Of these 10 firms, only three had their shares newly listed on the nation’s bourse and they are Skyway Aviation Handling Company (SAHCO) in April 2019, MTN Nigeria Communications Plc in May 2019 and Airtel Africa Plc in July 2019.

During its listing by Initial Public Offering (IPO), SAHCO listed 1.35 billion shares worth N6.28 billion on the NSE at N4.65k each.

When it listed its shares on the local bourse by introduction, MTN Nigeria offered 20.36 billion units at N90 each, resulting into N1.83 trillion, while Airtel Africa listed 3.76 billion shares through secondary listing at N363 per unit, amounting to N1.37 trillion.

According to a regulatory document last updated by the NSE on Friday, August 9, 2019, which was sighted by Business Post, 745.24 million shares of May & Baker worth N1.78 billion were admitted on January 24, 2019 at N2.39k each. These equities emanated from the rights issue carried out by the firm, which was 76.04 percent successful.

On February 5, 2019, the NSE admitted 1.13 billion units of Consolidated Hallmark Insurance shares at 65 kobo per unit, resulting into a market capitalisation of N734.50 million. The shares were from private placement to Niger Delta Exploration & Production Plc.

The next month, precisely on March 5, a total of 7.43 billion shares of Lafarge Africa were listed on the exchange at N12 each, amounting to N89.21 billion. The equities were from the rights issue of the cement company.

On April 1, a total of 6.62 billion units of Access Bank valued at N43.01 billion were listed on the NSE at N6.50k each, resulting from the merger between the lender and Diamond Bank.

Business Post further gathered that on May 3, the NSE admitted 3.17 billion shares of Mutual Benefits Assurance worth N1.59 billion at 50 kobo per unit. The shares were from the rights issue of the firm.

In the next month, specifically on June 17, Ellah Lakes listed 1.88 billion units of its equities valued at N8.01 billion on the NSE at N4.26k per unit. They were from the shares issued by the firm to shareholders of Telluria Limited.

Lastly, it was the listing of 586.36 million equities of Fidson Healthcare on July 1 at N4 each, giving a market capitalisation of N2.35 billion. They were from rights issue conducted by the company, which was undersubscribed.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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