By Dipo Olowookere
Shares of Nigerian Exchange (NGX) Group Plc will soon be available for trading on the floor of the NGX Limited, Business Post has gathered.
The group, which currently trades its stocks on the NASD over-the-counter (OTC) Securities Exchange, would be listed on the country’s main exchange through listing by introduction.
A total of 1,964,115,918 equities of the company would be admitted to the main board of the bourse and would be assigned the ticker NGXGROUP.
At the moment, the Securities and Exchange Commission (SEC) has approved the listing of the organisation’s shares on the NGX trading platform.
After the demutualisation and restructuring of the Nigerian Stock Exchange (NSE), the NGX Group was birthed as a parent firm for three other subsidiaries, including NGX Limited.
“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, said.
On his part, the Group Chairman of NGX Group, Mr Abimbola Ogunbanjo, stated that the listing is expected “to bring significant benefits to its business and its stakeholders.
“NGX Group will enhance its strategic flexibility by creating new financing opportunities and partnership possibilities while diversifying its shareholder base.
“This milestone will open up the group’s capital to new investors within the Nigerian investing public as well as international institutions thereby reinforcing NGX Group’s presence in international capital markets, and for its current long-term shareholders it will create the possibility to realise value.”
The stockbrokers to the listing of NGX Group are Chapel Hill Denham Securities Limited, and RMB Nigeria Stockbrokers Limited, while the Issuing House(s)/financial adviser(s) are Chapel Hill Denham Advisory Limited and Rand Merchant Bank Nigeria Limited.
Business Post reports that at the close of business yesterday, NGX Group shares appreciated by 82 kobo or 5.6 per cent to close at N14.68 per unit as against the previous N13.86 per unit.
