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NGX Group Gets Approval to List 1.964bn Shares

Nigerian Exchange Group Plc has received approval from Nigerian Exchange (NGX) Limited to list 1.964 billion shares on the main board of the Exchange.

To this end, NGX Group will undergo a listing by introduction with 1.964 billion shares admitted to trading under the ticker, NGXGROUP on October 15, 2021.

In light of the foregoing, the register of members of the company remains closed until October 14, 2021 to complete the update of the register of members and open on October 15, 2021 when trading is scheduled to commence.

Speaking on the development, the group chairman, NGX Group, Otunba Abimbola Ogunbanjo, said: “We are delighted to move ahead with the listing by introduction of NGX Group on the main board of NGX at this pivotal moment in the evolution of NGX Group.

“I must commend the professional advisers to this transaction for the dedication and strict adherence to global best practices that has brought us to this milestone event. The listing will bring significant benefits to the group’s stakeholders and should enable the group to enhance its strategic flexibility by creating new financing opportunities and partnership possibilities, while diversifying its shareholder base.”

The group managing director/chief executive officer of NGX Group, Oscar Onyema, noted that, “we are particularly excited about the planned listing because the Exchange’s platform will position us to provide liquidity to the Group’s members.”

According to Onyema, in turn, NGX Group will have access to the widest range of new investors within the Nigerian investing public as well as international institutions thereby reinforcing the Group’s presence in international capital markets and delivering value to its long-term shareholders.

“In our new status as a listed company, we will maintain our key strategic focus geared at leveraging organic and inorganic growth opportunities for expansion of our business across relevant categories.”

The stockbrokers to the listing of NGX Group are Chapel Hill Denham Securities Limited and RMB Nigeria Stockbrokers Limited. The Financial Advisers to NGX Group are Chapel Hill Denham Advisory Limited and Rand Merchant Bank Nigeria Limited; Aluko and Oyebode acted as legal adviser.

SOURCE: LEADERSHIP

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