NGX Group to List 1.96 Billion Shares by Introduction

NGX - Nigerian Exchange Loses ₦9Bln

The Nigerian Exchange Group Plc. has confirmed its intention to list on the main board of the Nigerian Exchange Ltd. (NGX) following the successful completion of the demutualisation and restructuring of the Nigerian Stock Exchange (NSE) and related operations within NGX Group.

The Group Managing Director/Chief Executive Officer of NGX Group, Mr Oscar Onyema, on Thursday, in a statement, said that shares of NGX Group would be expected to begin trading on NGX following their listing by introduction.

According to him, all regulatory requirements have been fulfilled, and the listing has been approved by the Security and Exchange Commission (SEC).

It is expected that a total of 1,964,115,918 shares will be admitted to trading under the ticker NGX Group.

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He 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,” Onyema said.

The Group Chairman of NGX Group, Chief Abimbola Ogunbanjo, said that the listing would bring significant benefits to stakeholders, according to the statement.

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“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,” he said.

NGX Group’s stockbrokers are Chapel Hill Denham Securities Ltd. and RMB Nigeria Stockbrokers Ltd.

Chapel Hill Denham Advisory Ltd. and Rand Merchant Bank Nig are the issuers/financial advisers. Ltd.

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