The Nigerian Exchange Group Plc (‘NGX Group’ or ‘The Group’) has announced that its shares will soon be available for trading on the Main Board of its trading platform.
The announcement is sequel to the successful completion of the demutualisation and restructuring exercise of the defunct Nigerian Stock Exchange (NSE) and its related operations which gave birth to the Nigerian Exchange Group Plc (NGX).
It would be recalled that upon the successful demutualisation of The Exchange, the shares of the newly restructured Nigerian Exchange (NGX) Group Plc was admitted to trade on the platform of the NASD over-the-counter (OTC) Securities Exchange, in what appears to be the first recorded cross-listing for securities exchange in Nigeria. The shares of the NGX were registered on the platform with the ticker SDNGX.
However, according to recent reports, the Nigerian Exchange Group Plc has concluded plans to list its shares on the Main Board of the Nigerian Exchange Limited. The shares would be listed on the trading platform through Listing by Introduction. In addition, all regulatory requirements have been fulfilled and the Listing has received the approval of NGX Regulation Limited.
Commenting on the recent development, the Group Managing Director/Chief Executive Officer of NGX Group, Oscar Onyema, told This Day that; “I am pleased to confirm that The Group intends to move ahead with its Listing by Introduction on the Main Board of NGX Exchange. Together with many other listed companies, NGX Group will take advantage of the strategic opportunities open to quoted companies in Nigeria. As a listed entity, The Group will have access to the widest range of new investors, including the growing pool of institutional investors. Demutualisation has created many new possibilities for The Group and our listing is just one more step in our evolution.”
On his part, the Group Chairman of NGX Group, Abimbola Ogunbanjo, stated that: “The Group expects the Listing to bring significant benefits to its business and its stakeholders. NGX Group will enhance its strategic flexibility by creating new financing opportunities and partnership possibilities, while diversifying its shareholder base. This milestone will open up The Group’s capital to new investors within the Nigerian investing public as well as international institutions thereby reinforcing NGX Group’s presence in international capital markets, and for its current long-term shareholders, it will create the possibility to realize value.”
What you should know:
- A total of 1,964,115,918 units of shares are expected to be admitted to the trading platform, and the shares will trade under the ticker ‘NGXGROUP’.
- Chapel Hill Denham Securities Limited and RMB Nigeria Stockbrokers Limited acted as the stockbrokers to the listing. The Issuing House and Financial Advisers are Chapel Hill Denham Advisory Limited and Rand Merchant Bank Nigeria Limited respectively.
- As at the period of reporting this, we gathered that the Securities and Exchange Commission (SEC) has already approved the listing.
