BusinessNGX Group receives approval to list from NGX

NGX Group receives approval to list from NGX


- Advertisment -spot_img

By Chinwendu Obienyi, Lagos

The Nigerian Exchange Group Plc has received approval from Nigerian Exchange Limited (NGX) to list its shares on the main board of NGX on Friday, October 15.

The NGX Group will undergo a Listing by Introduction with 1,964,115,918 shares admitted to trading under the ticker, NGXGROUP.

In light of the foregoing, the register of members of the Company shall remain closed until Thursday, 14 October 2021, to complete the update of the register of members. It will be opened on Friday, 15 October 2021, when trading is scheduled to commence.

Speaking on this development, the Group Chairman, NGX Group, Otunba Abimbola Ogunbanjo, said: ‘We are delighted to move ahead with the Listing by Introduction of NGX Group on the Main Board of NGX at this pivotal moment in the evolution of NGX Group. I must commend the professional advisers to this transaction for the dedication and strict adherence to global best practices that have brought us to this milestone event.

‘The listing will bring significant benefits to The Group’s stakeholders and should enable The Group to enhance its strategic flexibility by creating new financing opportunities and partnership possibilities while diversifying its shareholder base.’

The Group Managing Director/Chief Executive Officer, NGX Group, Oscar Onyema, noted that the exchange is particularly excited about the planned listing because its platform will position the NGX to provide liquidity to the Group’s members.

In turn, NGX Group will have access to the widest range of new investors within the Nigerian investing public as well as international institutions thereby reinforcing The Group’s presence in international capital markets and delivering value to its long-term shareholders.

According to Onyema, ‘in our new status as a listed company, we will maintain our key strategic focus geared at leveraging organic and inorganic growth opportunities for expansion of our business across relevant categories.’

The stockbrokers to the listing of NGX Group are Chapel Hill Denham Securities Limited and RMB Nigeria Stockbrokers Limited. The Financial Advisers to NGX Group are Chapel Hill Denham Advisory Limited and Rand Merchant Bank Nigeria Limited; Aluko and Oyebode acted as Legal Adviser.

Interested investors can purchase shares in the Group through trading license holders on NGX.

Meanwhile, the NGX has said it will soon announce the pricing structure of its shares to the investing public.

This is even as the group said the board and management are in discussions with its entities to develop an effective dividend policy in which dividends can be paid to shareholders of NGX.

The post NGX Group receives approval to list from NGX appeared first on VELOXNEWS.


Please enter your comment!
Please enter your name here

Latest news

Fans tearfully praise Bill Bailey’s ‘beautiful tribute’ to late friend Sean Lock on Stand Up To Cancer

Viewers have taken to Twitter to praise Billy Bailey’s ‘touching’ tribute to his friend and fellow comedian Sean...

Court upholds Texas ban on abortions as Biden administration plans to keep fighting it

Texas may continue its ban on the majority of abortions after a federal appeals court rejected the Biden...

Suspect in MP’s death is ‘British national who booked appointment to see him’

Sir David Amess’ killer may have booked an appointment to see him before stabbing the MP to death...

Bill Clinton’s blood infection was ’caused by E.coli’ and he remains in the hospital

Former President Bill Clinton remained hospitalized Friday receiving treatment for a urinary tract infection that spread to his...
- Advertisement -spot_imgspot_img

Doctor Who: Flux trailer promises more drama for Jodie Whittaker’s final run as six new chapters set to arrive on Halloween

Doctor Who fans have been given a teaser of what to expect from Doctor Who: Flux as six...

Stand Up To Cancer viewers sob as Tom Parker details being alone when he found out he had a brain tumour

Viewers of Stand Up To Cancer were left in tears watching The Wanted’s Tom Parker detail his brain...

Must read

- Advertisement -spot_imgspot_img

You might also likeRELATED
Recommended to you