By Dipo Olowookere
The management of Lagos Building Investment Company (LBIC) Plc has been given the approval to list the company’s shares on the NASD OTC Securities Exchange Plc.
This decision was reached at the firm’s 13th Annual General Meeting (AGM) held at LBIC House in Lagos.
With this, LBIC is bound by the rules and governance requirements of the securities exchange, which includes scheduled financial reporting and requirements for full dematerialisation.
A full admission of company also meets the requirements of the Securities and Exchange Commission (SEC) that all public securities must trade on a SEC registered trading platform.
Shareholders are the ultimate beneficiaries as they will have better access to liquidity and greater transparency into the operations of the company and its share price.
On admission, LBIC will be placed in the financial services segment that includes Nigeria Mortgage Refinance Company Plc, AG Mortgage Bank Plc and Trustbond Mortgage Bank Plc.
In a statement, NASD OTC Securities Exchange stressed that it tends to develop a great working relationship that enables the company meet its financing structure requirements.
“We therefore congratulate the board and shareholders on the decision to be admitted to the OTC market and look forward to providing an efficient liquidity platform for shareholders in the company,” the statement said.
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