NGX Group Confirms Bid to List 1.964bn Shares By Introduction
Nigerian Exchange Group Plc, on Wednesday confirmed its intention to list its entire 1,964,115,918 ordinary shares in issue by way of introduction on the main board of Nigerian Exchange Limited, following the successful completion of its 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, having fulfilled all regulatory requirements, including the approval of the NGX Regulation Ltd.
The shares, according to a statement by Clifford Akpolo, Communications Adviser, will trade under the ticker NGXGROUP, quoting Oscar Onyema, Group Managing Director/Chief Executive Officer of NGX Group, as confirming the planned listing. No date was however given for the exercise or the price.
Onyema assured that “together with many other listed companies, NGX Group will take advantage of the strategic opportunities open to quoted companies in Nigeria.”
The listing, he continued, will offer The Group “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.”
Also commenting, Otunba Abimbola Ogunbanjo, the Group Chairman said “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,” he stressed.
The stockbrokers to the listing of NGX Group, the statement added, 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.