The Nigerian Exchange Group Plc (The Group), has received approval from Nigerian Exchange Limited (NGX) to list its shares on the main board of NGX effective on Friday.
Accordingly, NGX Group will undergo a Listing by Introduction with 1,964,115,918 shares admitted to trading under the ticker, NGXGROUP.
As a result, the register of members of the Company shall remain closed until tomorrow, to complete the update of the register of members, and will be opened on Friday, when trading is scheduled to commence, according to The Group’s statement earlier today.
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.
Commenting on the development, the Group Chairman, NGX Group, Abimbola Ogunbanjo, was quoted: “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.”
Similarly, the Group Managing Director/Chief Executive Officer, NGX Group, Oscar N. Onyema, said: “We are particularly excited about the planned listing because The Exchange’s platform will position us to provide liquidity to The Group’s members. 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.”
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, while Aluko and Oyebode acted as Legal Adviser.
Interested investors can therefore purchase shares in The Group through Trading License Holders on NGX.
