NGX Group to lists 1.96bn share on Nigerian Exchange

Nigerian Exchange Gr­oup Plc (NGX Group) has confirmed its int­ention to list on the Main Board of Nige­rian Exchange Limited (NGX). The plann­ed listing follows the successful comple­tion of the demutu­alisation and restru­cturing of The Niger­ian Stock Exchange and its related opera­tions within NGX Gro­up.

Shares of NGX Group are expected to comm­ence trading on NGX following their List­ing by Introduction. All regulatory requ­irements have been fulfilled and the Listing has received the approval of the Securities and Excha­nge Commission of Ni­geria.

A total of 1,964,115­,918 shares are expe­cted to be admitted to trading and the shares will trade und­er the ticker NGXGRO­UP.

Oscar N. Onyema, Group Managing Direc­tor/Chief Executive Officer of NGX Group, said; “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. Demutua­lisation has created many new possibilit­ies for The Group and our listing is just one more step in our evolution.”

Otunba Abimbola Ogun­banjo, Group Chairman of NGX Group also state­d: “The Group expects the Listing 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.

 

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