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Markets

Corporate Actions: Overdue results and a Buy In

Here is a review of corporate actions that took place on the Nigerian Stock Exchange last week and those expected this week.

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Corporate Actions, NSE

Corporate actions are decisions taken by companies’ boards of directors or management teams, that could have impacts on the firms themselves or shareholders.

Examples of corporate actions include the payment of dividends, closing of shareholders’ registers, announcing qualification dates and Annual General Meeting (AGM) dates.

Here is a review of corporate actions that took place last week and those expected this week.

FCMB Group releases results 

FCMB Group Plc released its results for the third quarter ended September 30, 2018. They show a marked increase in the bottom line (profit after tax and earnings per share), at a time when banks have delivered mostly flat, or in some cases, marginal decline.

Access Bank Plc

While Access Bank is yet to send a notice to the NSE, the bank’s CFO in a chat with Bloomberg stated that it would redeem a $400 million bond meant to mature in 2021.

The move may be an indication that the bank has no immediate need for dollar liquidity, as well as an anticipation of a slight devaluation before its maturity date.

FBN Holdings acquires FBNQT

Tier one lender and member of the FUGAZ banks, FBN Holdings, has unveiled its intentions to acquire FBNQuest Trustees, a subsidiary of its investment banking and FBNQuest Capital.

The move, according to the parent company, will provide better visibility for FBNQuest Trustees, increased oversight, and enable it tap into the synergies of the holding company.

The transfer will also enable FBNQuest Capital to focus on its core activities of advisory, structured products and other capital market activities.

Diamond Bank Plc

Still in the financial services space, Diamond Bank Plc, last Friday sent a notice to the NSE, disclosing that it had obtained the approval of the CBN to operate as a national bank.

The move means the tier two lender has a lower capital adequacy ratio, and as such may have no need to raise capital. Diamond Bank currently has a CAR of around 16%, much higher than the 10% required by national banks.

 CCNN shareholders approve merger with Kalambaina Cement 

Minority shareholders of Cement Company of Northern Nigeria (CCNN), also known as Sokoto Cement, last week approved the company’s merger with Kalambaina Cement.

The company’s key shareholder, which also has common ultimate ownership with Kalambaina Cement, abstained from the vote in the spirit of proper corporate governance ethics.

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Following the approval, the company will seek final approval from the Securities and Exchange Commission and the Nigerian Stock Exchange.

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 Cutix Plc

Cutix Plc released its results for the half year ended October 2018. While revenue showed a minute increase, the company’s profit after tax dipped slightly.

Resort Savings and Loans Plc releases overdue results

Last week, Resort Savings and Loans Plc released its long  overdue FY 2017 and Q1, Q2, Q3 2017 results.

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The company could release some of its 2018 results this week, a move which would bring it closer to a possible capital injection by private equity firm, Milost. The non-release of its results had let

to the company being suspended from trading by the NSE, and a difficult difficult for Milost getting a proper market valuation before investing.

Consolidated Hallmark Insurance Plc

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Shareholders of the company last week approved a capital raise through a N734 million private placement.

Corporate Actions taking place next week

Lafarge Africa Plc 

Lafarge Africa Plc will be having a facts behind the figures session on Monday at the Nigerian Stock Exchange. The event will be an opportunity for investors to get insights into management’s plans for the rest of the year, and the performance of a rights issue held a few months ago.

FCMB Group Plc

FCMB Group Plc will be holding an investor conference call on Wednesday, the 5th of December, 2018. The event will be an opportunity for management to shed light on the factors behind its improved Q3 2018 results and plans for the 2019 financial year.

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Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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Cryptocurrency

Football-based Crypto, is world best performing Crypto in 7 days

Chiliz traded at $0.105397 with a daily trading volume of about $589 million.

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A pretty unknown crypto asset, based on arguably the most popular sport has outperformed all major Crypto assets tracked by Nairametrics Week to Week.

At press time, the sport-based Crypto traded at $0.105397 with a daily trading volume of about $589 million. Chiliz is up 97% for the week.

Chiliz is currently ranked the 91st most valuable crypto asset, a market value of $573,581,586 It has a circulating supply of 5,442,094,892 CHZ coins and a maximum supply of 8,888,888,888 CHZ coins

The fast-rising crypto can be traded on the following crypto exchange trading that includes OKEx, HBTC, Binance, Huobi Global, and Xtheta Global.

Chiliz, powering Socios.com, aims to give sports and esports fans the ability to crowd-manage their favorite teams, games, leagues, and events.

Football clubs are now using blockchain, to facilitate better experiences for their fans.

Football is by far the most popular game worldwide. The last football World Cup tournament held in Russia 2018, had over 3.5 billion individuals watching the matches. This shows that about half of the world’s population is keen on football.

Nairametrics believes such partnerships with these football clubs via blockchain will open more economic opportunities and leverage the wider audience via collaboration with the industry’s global brands.

Socios.com Fan Token partners include Juventus, AS Roma, Galatasaray, FC Barcelona, Atlético de Madrid, Paris Saint-Germain, CA Independiente, Apollon Limassol and esports organizations Team Heretics and OG.

Dozens of more clubs are set to launch Fan Tokens before the end of the year, with many leading IPs from sports and entertainment also primed to join the Socios.com roster in the near future.

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Currencies

CBN introduces ‘Naira 4 Dollar Scheme’ for diaspora remittances

CBN introduces ‘Naira 4 Dollar Scheme’ for diaspora remittances, to pay N5 for every $1 remitted

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CBN forex restrictions on food itemsCBN approves new cheque standard for banks

The Central Bank of Nigeria (CBN) has introduced a ‘Naira 4 Dollar Scheme’ for diaspora remittances,  which offers recipients of diaspora remittances through CBN’s IMTOs to be paid N5 for every $1 received as remittance inflow.

The scheme takes effect from Monday, March 8, 2021, and ends on Saturday, May 8, 2021.

This was disclosed by CBN in a circular issued to all Deposit Money Banks (DMO) and International Money Transfer Operators (IMTO).

The memo, which was seen by Nairametrics, was dated March 5th, 2021, and signed by the Director, Trade and Exchange Department, A.S Jibrin and read in part;

In an effort to sustain the encouraging increase in inflows of diaspora remittances into the country, the Central Bank of Nigeria (CBN) hereby announces the introduction of the “CBN Naira 4 Dollar Scheme”, an incentive for senders and recipients of international Money Transfers.

Accordingly, all recipients of diaspora remittances through CBN licensed IMTOs shall henceforth be paid N5 for every USD1 received as remittance inflow.

In light of this, the CBN shall, through commercial banks, pay to remittance recipients the incentive of N5 for every USD1 remitted by sender and collected by designated beneficiary. This incentive is to be paid to recipients whether they choose to collect the USD as cash across the counter in a bank or transfer same into their domiciliary account.

In effect, a typical recipient of diaspora remittances will, at the point of collection, receive not only the USD sent from abroad but also the additional N5 per USD received. Please note having discussed with banks and IMTOs, the scheme takes effect from Monday 8 March 2021 and ends on Saturday 08 May 2021.

Read CBN Naira4Dollar scheme explained.

Click here to read

Download (PDF, 649KB)

 …

 

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