NSE announces the migration of four companies to the NSE Growth Board

The Nigerian Stock Exchange has announced the migration of four qualified companies from the Alternative Securities Market (ASeM) to the NSE Growth Board.

According to the tweet via the official Twitter handle of the Nigerian Stock Exchange, the companies migrated after being carefully reviewed in line with the listing requirements of the Growth Board and have demonstrated adherence to high corporate governance standards.

As a way of confirmation, the migration was commemorated with a virtual closing gong, spearheaded by the chairmen of the concerned companies.

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What you should know

• The four firms that migrated are: Chellarams Plc, Living Trust Mortgage Plc, McNichols Plc, and The Initiates Plc.
• The migration was officially announced by the Nigerian Stock Exchange market today.

What they are saying

Commenting on the recent development, the Chairman of the Nigerian Stock Exchange, Mr. Oscar Onyema said:

“I am pleased to welcome you all to this migration ceremony. Today’s event has been designed to recognize 4 companies that have satisfied the requirements for migration from the Alternative Securities Market (ASeM) to the #NSEGrowthBoard.

“Upon careful evaluation of applications received from eligible ASeM companies, the National Council & Management of NSE approved the migration of Chellarams Plc, Living Trust Mortgage Plc, McNichols Plc and The Initiates Plc.

“The #NSEGrowthBoard also provides visibility for listed growth companies, with the creation of a Growth Board Index and the inclusion to the NSE All Share Index.

“I applaud the boards and management of these 4 companies on their successful migration and I urge you not to relent in your efforts to sustain the high level of corporate governance that has brought you thus far.

“I must also thank our strategic business partners & value-added service providers for their commitment to deepening the capital market. Our partnership affords listed companies a competitive edge, while stimulating investors’ interest.

“We believe that the inclusion of these companies on the All Share Index and the Growth Board Index of the NSE will provide increased visibility that will attract global investors.”

What this means

The migration to the NSEGrowthBoard provides visibility for listed growth companies, with the creation of a Growth Board Index and the inclusion to the NSE All Share Index

In addition, the firm will also have access to a suite of value-added services that will provide a competitive edge beyond access to capital.