BusinessNGX Group receives approval to list from NGX

NGX Group receives approval to list from NGX

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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.


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