NGX Group May List Stocks by Introduction October 13

By Sodeinde Temidayo David

The Nigerian Exchange (NGX) Group Plc may commence trading its stocks on the NGX Limited on Wednesday, October 13, 2021.

This was disclosed by the Group Chief Executive Officer of the non-operating company, Mr Oscar Onyema, during the Fact Behind the Listing held on Monday, October 11.

At the event attended by Business Post, Mr Onyema said this date may change as the NGX has the final decision on when the listing would be done.

NGX Group Plc, which used to be the Nigerian Stock Exchange (NSE), intends to list its stocks by introduction on the main board of the bourse.

“I am pleased to confirm that the Group intends to move ahead with its listing by introduction on the main board of NGX Exchange.

“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,” Mr Onyema stated.

According to the GCEO, demutualisation has created many new possibilities for the Group and “our listing is just one more step in our evolution.”

Nearly two billion shares (a total of 1,964,115,918 units) are expected to be admitted to trading and the shares will trade under the ticker NGXGROUP.

Chapel Hill Denham Securities Limited and RMB Nigeria Stockbrokers Limited acted as the stockbrokers to the listing. The issuing house and financial advisers are Chapel Hill Denham Advisory Limited and Rand Merchant Bank Nigeria Limited.

It was also revealed that the Securities and Exchange Commission (SEC) has already approved the listing.

In terms of the free float, the group projected that more than 20 per cent would be available to be freely traded by the public and 300 shareholders are on admission.

Before now, shares of NGX Group were available for trading on the NASD over-the-counter Securities Exchange. However, the company applied to stop trading on the platform and this stopped last Friday.