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NGX Group Confirms Intention to List on NGX

The Nigerian Exchange Group Plc has said it intends to list its shares on the Main Board of Nigerian Exchange Limited (NGX)

The proposed listing follows the successful completion of the demutualization and restructuring of the Nigerian Stock Exchange (NSE) and its related operations within the NGX Group.

The group in a statement on Thursday noted that its shares are expected to commence trading on NGX following their Listing by introduction and added that regulatory requirements have been fulfilled and the listing has received the approval of the Securities and Exchange Commission (SEC) of Nigeria.

A total of 1,964,115,918 shares are expected to be admitted to trading and the shares will trade under the ticker NGXGROUP.

Speaking on the development, the Group Managing Director, NGX Group, Oscar Onyema, said, the group intends to move ahead with its Listing by Introduction on the Main Board of NGX Exchange and added that together with many other listed companies, the 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. Demutualization has created many new possibilities for The Group and our listing is just one more step in our evolution.”

We are confident that as a demutualised entity, we will pursue value-creative growth initiatives and with this step, we believe that this will have a better capacity for better capital rising and improve market liquidity”, Onyema said.

SOURCE: THE SUN

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