NGX Group Gets Approval to List Shares, Begin Trading October 15

By Ashemiriogwa Emmanuel

The much-awaited listing of shares of Nigerian Exchange (NGX) Group Plc on the NGX Limited trading platform will happen on Friday, October 15, 2021.

This is because the NGX has given its nod for the listing by introduction NGX Group stocks on its platform, according to a statement from the group.

NGX Group prides itself as a leading integrated market infrastructure group in Africa. The organisation is planning to make its shares available to members of the public after it demutualised from the Nigerian Stock Exchange (NSE) in March 2021.

Earlier, precisely on Monday, the Group Chief Executive Officer of NGX Group, Mr Oscar Onyema, had said at the Fact Behind the Listing that the firm may begin trading its equities on the NGX today, Wednesday, October 13.

However, he was quick to note that this may change subject to the decision of the management of the exchange.

As it stands, interested investors will now be able to purchase shares of the Group through trading license holders on the exchange from Friday.

In a statement today, the group said that it has received approval from the NGX and will, therefore, undergo a listing by introduction with 1,964,115,918 shares admitted to trading under the ticker, NGXGROUP.

The non-operating company, however, disclosed that the register of members of the company will remain closed until Thursday, October 14, 2021, to complete the update of the register of members, and will then be opened on Friday, 15 October 2021, when trading is scheduled to commence.

The Group Chairman of NGX Group, Mr Abimbola Ogunbanjo, assured that “the listing will bring significant benefits to the group’s stakeholders and create new financing, partnership opportunities.

“We are delighted to move ahead with the listing by introduction of NGX Group on the main board of NGX at this pivotal moment in the evolution of NGX Group.

“I must commend the professional advisers to this transaction for the dedication and strict adherence to global best practices that have brought us to this milestone event.”

For this transaction, Chapel Hill Denham Securities Limited and RMB Nigeria Stockbrokers Limited were the stockbrokers, while the financial advisers were Chapel Hill Denham Advisory Limited and Rand Merchant Bank Nigeria Limited; with Aluko and Oyebode acting as legal adviser.”