By Dipo Olowookere
Leading fertiliser maker in Nigeria, Notore Chemicals Industries Plc, has listed its shares on the Nigerian Stock Exchange (NSE).
The firm listed 1.61 billion shares worth N100.75 billion at N62.50k per share on the stock exchange by introduction.
Speaking at the listing on Thursday, chief executive of the NSE, Mr Oscar Onyema, disclosed that the listing was a culmination of several months of hard work by all parties to the transaction including the Securities and Exchange Commission (NSE).
He said the listing added N100.75 billion to the market capitalization of the exchange, which stood at N13.392 trillion at the close of business yesterday.
Mr Onyema, who commended the management of Notore, said the listing will increase the visibility of the company and solidify its brand as a pre-eminent agro-allied company in Nigeria.
“In order to remain competitive, we have implemented far-reaching transformational programmes that have improved market access and provided products that are aligned to investors’ requirements; several transparency initiatives (such as BrokerTrax, X-Compliance, X-Whistle, Compliance Status Indicator symbols, X-Issuer, X-Alert etc.) that have brought significant confidence to the market place.
“The NSE is positioned as a premiere listing destination for African corporates, governments and international issuers looking to access the capital market of the largest economy in Africa.
“We encourage other companies with in the Agriculture and Agro-Allied Sector to join your firm by listing their shares on the NSE.
“We acknowledge the consistent hard work by FBNQuest Merchant Bank Limited, Vetiva Capital Management Limited, FBNQuest Securities Limited, Vetiva Securities Limited, PricewaterhouseCoopers, Templars, Banwo & Ighodalo, DataMax Registrars Limited- the Professional Parties to this listing,” the NSE chief said.
In 2015, federal government launched the Anchor Borrowers’ Programme (ABP). The N55 billion programme is an intervention scheme by the federal government through the Central Bank of Nigeria (CBN) to boost agricultural production and non-oil exports in the face of unpredictable crude oil prices and its resultant effect on the revenue profile of the nation.
Notore remains the primary supplier of fertilizer for the ongoing Anchor Borrowers’ Program (ABP) and continues to contribute significantly to the Agricultural Transformation Agenda of the federal government.
