By Aduragbemi Omiyale
One of the foremost energy companies in Nigeria, Aradel Holdings Plc, may leave the NASD over-the-counter (OTC) Securities Exchange to join the nation’s elite bourse, the Nigerian Exchange (NGX) Limited.
Business Post gathered that shareholders of the organisation have authorised the withdrawal of the company’s securities from the alternative stock exchange.
The approval was given at the Annual General Meeting (AGM) of Aradel Holdings held on Wednesday, June 5, 2024, in Lagos.
At the NASD on Monday, the shares of the integrated energy firm appreciated by 0.42 per cent or N19.83 to settle at N4,775.00 per unit, in contrast to last Friday’s value of N4,755.17 per unit.
If it joins the country’s flagship stock market, it would be the most expensive equity. The market capitalisation of the organisation is almost over N1 trillion at the NASD.
If Aradel Holdings pulls out of the NASD OTC Exchange, it would bring down the value of the trading platform by almost half, as it is currently at N2.039 trillion.
This newspaper learned that the resolution put forward for approval by the board at the AGM for listing by introduction on the NGX was granted.
The firm also confirmed this in a part of a statement it made available to this newspaper.
It was gathered that the board is making the necessary arrangements for the listing on the Nigerian Exchange in the coming weeks.
According to information scooped by Business Post, Aradel Holdings intends to join the big boys to expand its source of funding and get the exposure the trading platform offers.
In the 2023 fiscal year, the firm paid a final dividend of N170 to shareholders after growing its post-tax profit by 254.9 per cent to N53.7 billion from N15.1 billion This was largely driven by a revenue growth of 234.5 per cent to N221.1 billion from the N66.1 billion achieved in the previous year.
Dipo Olowookere 
Modupe Gbadeyanka