Global Spectrum Energy Services Limited yesterday listed 800 million ordinary shares at N5 by introduction on the Nigerian Stock Exchange (NSE). Stockbrokers/Lead Financial Advisers to the offer were Compass Investment Securities Ltd/Goldbanc Managment Associates Limited.
The company also used the opportunity to hold a facts behind the figures investor presentation for the investing public after the listing ceremony. Management of the firm was led by its Chairman Engineer Godwin Omene, while the Chief Executive Officer of the Exchange Oscar Onyema was present. Here are a few highlights from the facts behind the figures presentation.
What does the company do ?
The company’s activities are divided into the provision of Complimentary Offshore Support Vessel Services, Maritime Security, Logistics, and Engineering Services.
The company plans to spend a total of $200 million on its expansion projects with a pipe mill expected to gulp a total of $150 million on a line pipe manufacturing plant. A feasibility study for the plant was paid for by Shell international and Nigeria currently has no such plant. In addition, the firm plans to spend $15 million on tank farm for which it has acquired land in rumuolumeni, Port Harcourt. A lubricant blending plant will also be constructed at the same location.
Returns for shareholders
Managing Director of the firm, Colm Doyle during the presentation stated that shareholders will be rewarded with 30% of Profit After Tax as dividends.
GlobaL Spectrum Energy Service Shares closed at N5.51 in today’s trading session on the NSE.