Adedapo Adesanya
By Adedapo Adesanya
NASD Over-the-Counter (OTC) Securities Exchange has announced the admission of the shares of Infrastructure Bank Plc, formerly known as Urban Development Bank of Nigeria Plc, on its trading platform.
Infrastructure Bank Plc, with a market capitalisation of N3.23 billion, dematerialized 6,206,000,000 of its issued shares to be traded on the exchange at 52 kobo per share on August 2, 2021.
With the admission, the company is expected to get more exposure with the public and give investors more stock options and investment opportunities.
The company will trade on the unlisted securities bourse with the ticker SDINFRABANK with its International Securities Identification Number (ISIN Code) NGSDINFRABN5 and has been listed in the red category on the exchange.
The bourse announced that the Securities and Exchange Commission (SEC) codified a rule on trading public unlisted securities in 2014 which declared that only transactions executed on public (SEC registered) platforms are valid.
In line with these rules and in support of enabling liquidity in the market, NASD OTC provides the perfect landing platform for the new admittance.
The Infrastructure Bank Plc, established in 1992 under Decree 51, as Urban Development Bank Limited with the mandate to foster the rapid development of infrastructure across the country, is a provider of bespoke financial solutions that are tailor-suited to the needs of the Nigerian infrastructure market and are further adapted to the dynamics of the projects in which the bank is involved.
It works with development partners which include: federal and state government Ministries, Departments and Agencies (MDAs), other Multilateral DFIs, Deposit Money Banks (DMBs), Private Equity and Pension Funds, regulatory agencies and other stakeholders, the bank provides its portfolio of financial solutions for the development of a diverse array of projects.
The company offers financing solutions which include project financing advisory and arranging, development loans, proprietary equity, fund management, capacity building and technical assistance, and project preparation fund.
It is involved in several projects including the now valued $2.4 billion Lagos Metro Rail Transit (Redline) Project, the $4.9 billion Abuja to Ibadan Expressway Project, the $1 billion Lagos-Ibadan Expressway Project, among other aero and agro-allied projects in the country.
