NGX Group to list 1.96bn shares by introduction on Exchange

By Darasimi Adebisi 

Nigerian Exchange Group Plc (‘NGX Group’ or ‘The Group’) today confirmed its intention to list on the Main Board of Nigerian Exchange Limited (‘NGX’).

The NGX in a statement said the proposed listing follows the successful completion of the demutualisation and restructuring of the former The Nigerian Stock Exchange and its related operations within the new NGX Group.

It added that shares of NGX Group are expected to commence trading on NGX following their Listing by Introduction.

The statement added that all regulatory requirements have been fulfilled and the Listing has received the approval of NGX Regulation Limited.

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

Commenting, the Group Managing Director/Chief Executive Officer of NGX Group,Oscar  Onyema,said; “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, theGroup Chairman of NGX Group, Abimbola Ogunbanjo, stated: “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 realise value.”

“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, “the statement reads.