By Dipo Olowookere
A new ‘convert’ is joining the Nigerian Stock Exchange (NSE) very soon and the company is Briclinks Africa Plc, Business Post can authoritatively confirm.
Briclinks Africa Plc is a telecommunication company based in Abuja that empowers businesses and homes to thrive in a connected world through the provision of broadband data, voice system, upgrade and maintenance and other communications and cloud-based industry solutions, and integrated services.
Over the weekend, in a regulatory document sighted by Business Post, it was confirmed that the approval for the listing of the company’s shares has been secured.
But Briclinks Africa is not joining the main board of the exchange at the moment. Instead, it would trade its securities on the newly created growth board of the NSE, which already has four firms.
Recall that about this time last year, the exchange launched the growth board, which was designed for companies having it difficult to meet the stringent listing rules for the main board.
Four companies were drafted to the new category 10 months after it was launched and they were Chellarams Plc, LivingTrust Mortgage Bank Plc, McNichols Plc and The Initiates Plc.
The NSE growth board is an upgraded version of the NSE Alternative Securities Market (ASeM) board designed for small and mid-sized fast-growth companies to raise critical long term capital at relatively low cost to realize their business potential.
It is believed that with time they can be migrated to meet the big boys of the exchange and rub shoulders with them.
According to the document obtained by Business Post, the NSE has agreed to list by introduction 10 million ordinary shares of Briclinks Africa of N1 each at N6.26 per unit on the growth board.
It was gathered that the application for the listing of the equities was filed by Afrinvest Securities Limited, the stockbroker for the organisation. Afrinvest (West Africa) Limited is acting as its issuing house/financial advisers.
The board of Briclinks Africa boasts of Mr Danladi Kifasi, Mr George Agu, Mr Mohammed Buhari, Mr Ademola Lawal, Mr Olatunji Olaniyi Nelson and Ms Aisha Umar.
Mr Kifasi is a former Head of Civil Service of the federation. He was appointed by former President Goodluck Jonathan in 2014 and was forced to leave by President Muhammadu Buhari in 2015.
Listing by introduction mainly entails listing a company’s shares on the exchange without a prior initial public offering (IPO).
