Agro-allied firm, Notore Chemical Industries Plc has obtained the approval of the Nigerian Stock Exchange (NSE) to list its shares. This is according to reports by The Nation.
NAFCON has a total of 1.61 billion shares valued at N62.50. This gives the company a valuation of N100.7 billion.
Why now?
Businesses have expressed renewed optimism about listing on the exchange due to improved macroeconomic fundamentals. Telecoms giant, MTN has indicated it will list its Nigerian unit and raise funds through an IPO sometime this year.
The Federal Government also plans to divest its remaining stake in Nigerian Reinsurance through a public offer in the last quarter of the year.
Notore listing also avails legacy investors the opportunity to exit if need be.
Notore was founded in 2005 by a group of investors led by Onajiite Okoloko. Other members of the consortium include Emerging Market Partners and Orascom of Egypt. The company’s operations are divided into three units: fertilizer, power, and seeds.
The company bought over assets of the defunct National Fertilizer Company (NAFCON), Onne. Funds were raised from a consortium of Nigerian banks in 2007 for the rehabilitation of the plant, and urea production began in 2009.
Notore in January 2018, obtained a Free Trade Zone (FZE) license. The FZE located in Eleme, Rivers State is expected to kick off operations in the next two years.
The NSE All Share Index closed at 0.95% in last Friday’s trading session. Year-to-date, the index is up 1.11%
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