The Nigerian Stock Exchange NSE has announced the migration of Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc to its premium Board on Monday, April 16, 2018. This will bring the total number of companies on the board to seven.
According to a release from NSE, their migration was sequel to them applying and meeting the Exchange’s listing requirements for the board. They will join Dangote Cement Plc, FBN Holdings Plc and Zenith International Bank Plc which were migrated to the premium board in 2015.
Conditions to be listed on the premium board.
To be listed on the premium board of NSE,
- The aspiring company must attain a minimum market capitalization of ₦200billion as the date of application.
- A minimum score of 70% on Corporate Governance Rating System CGRS.
- Maintain a minimum free float of 20% of their issued share capital or a free float value equal to or above ₦40billion. Also meeting other standard listing criteria.
According to NSE, Access Bank, Lafarge Africa, Seplat, and UBA have all passed the Corporate Governance Rating System and have a market capitalization of ₦347.12bn, ₦378.60bn, ₦391.37bn and ₦374.48bn respectively.
Chief Executive Officer, NSE, Oscar Onyema, while congratulating the companies revealed that the companies have demonstrated their inherent values to be globally competitive brands.
He also noted that the premium board index continues to outperform the benchmark NSE All Share Index with the premium board recording a total return of 84.99% compared to NSE ASI’s 41.79% as at 11th April 2018.
The NSE Premium Board and the associated Premium Board Index were launched on August 25, 2015. Companies listed on the board enjoy the highest visibility and appeal to investors looking for large companies with highest standards of corporate governance.
