NGX Group receives approval to list its shares on Friday

The Nigerian Exchange Group Plc (NGX Group) has received approval from the Nigerian Exchange Ltd (NGX) to list its shares on the main board of the NGX on Friday.

The NGX Group Chairman, Otunba Abimbola Ogunbanjo, said this in a statement issued on Wednesday in Lagos.

Abimbola said the NGX Group would undergo a listing by introduction of more than 1.964 billion shares admitted to trading under the ticker, NGXGROUP.

“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,” he said.

Also speaking, the Group Managing Director/Chief Executive Officer, NGX Group, Mr Oscar Onyema, said the group was excited about the listing.

“We are particularly excited about the planned listing because the exchange’s platform will position us to provide liquidity to the group’s members.”

“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,” Onyema said.

He noted that interested investors would purchase shares in the Group through trading license holders on NGX.

Our correspondent reports that the stockbrokers to the listing of NGX Group are Chapel Hill Denham Securities Ltd and RMB Nigeria Stockbrokers Ltd.

The Financial Advisers to NGX Group are Chapel Hill Denham Advisory Ltd and Rand Merchant Bank Nigeria Ltd; Aluko and Oyebode acted as Legal Adviser.

Interested investors can purchase shares in The Group through Trading License Holders on NGX.