NASD Floats N12bn Rights Issue for Expansion, Tech Infrastructure

By Aduragbemi Omiyale

The parent company of the National Association of Securities Dealers (NASD) over-the-counter (OTC) Securities Exchange, NASD Plc, has floated a rights issue aimed at raising funds to achieve its expansion drive.

The exercise, according to the chairman of the organisation, Mr Kenechi Ezezika, is to secure about N12 billion, with 68.12 per cent for technology infrastructure, 27.08 per cent for working capital, and 2.50 per cent for cloud trading systems and support.

Business Post gathered that about 480 million ordinary shares of N1 each would be sold at N25 per unit on the basis of four new shares for every five existing shares.

However, the rights issue is expected to officially commence next Monday, subject to regulatory approval.

“This transaction is about building the capacity NASD needs for its next phase of growth,” the company’s chairman stated, while the acting chief executive of NASD Plc, Ms Arese Ugwu, said the proceeds from the exercise would be used to support investment in technology and infrastructure to revolutionise the platform.

The leading issuing house for this transaction is Anchoria Capital Group, while the joint issuing houses are Capital Bancorp Plc, Greenwich Capital Markets Limited, and Capital Assets Limited.