NGX Group Exits NASD, May List Shares on Main Exchange at N17.17
By Dipo Olowookere
The Nigerian Exchange (NGX) Group Plc has applied to exit the NASD over-the-counter (OTC) Securities Exchange, where it currently trades its shares, Business Post can authoritatively report.
The company, which is an offshoot of the defunct Nigerian Stock Exchange (NSE), had its last trading session at the unlisted securities market on Friday, October 8, 2021.
Last week, NGX Group announced its intention to list its stocks by introduction on the floor of the Nigerian Exchange (NGX) Limited, which is the main exchange of the country.
“I am pleased to confirm that The Group intends to move ahead with its Listing by Introduction on the main board of NGX Limited.
“Together with many other listed companies, NGX Group will take advantage of the strategic opportunities open to quoted companies in Nigeria.
“As a listed entity, The Group will have access to the widest range of new investors, including the growing pool of institutional investors.
“Demutualisation has created many new possibilities for the group and our listing is just one more step in our evolution,” the Group Managing Director/Chief Executive Officer of NGX Group, Mr Oscar Onyema, had said.
A regulatory document seen by Business Post at the weekend showed that equities of NGX Group may be listed on the exchange at a unit price of N17.17.
At the close of transactions last Friday, shares of NGX Group were unchanged at the NASD exchange at N14.68 per unit.
In April 2021, NGX Group commenced trading its equities on the NASD trading platform. It was admitted at a unit price of N25.00. The company initially performed well and reached a 52-week high of N30.26 per share before dropping to a 52-week low of 12.98 per unit.
According to information scooped by this newspaper, NGX Group will delist its entire 1,964,115,918 equities and list them on the NGX platform in a matter of days.
From what we gathered, the organisation is planning to list by introduction “1,964,115,918 ordinary shares of 50 kobo each at an indicative price of N17.17 per share.”
At the main stock exchange, NGX Group will trade with the ticker NGXGROUP and according to Mr Onyema, the organisation has strong prospects to attract investors because of its acceptance at the OTC market.