Dangote Cement, FBN Holdings, Zenith Bank to be listed on Exchange’s premium index board
Dangote cement Plc, FBN Holdings Plc and Zenith International Bank Plc with market capitalisation of N2.87 trillion, N277.70 billion and N587.434 billion qualified to be listed on the new Nigerian Stock Exchange (NSE) Premium Board and the associated Premium Board Index launched, in Lagos yesterday.
According to the NSE, the three companies scale through the Corporate Governance Rating Standard ( CGRS) for premium board membership.
The premium board would feature companies that meet the Exchange’s most stringent listing criteria in terms of capitalisation, governance and liquidity would be enlisted which was launched at the NSE yesterday was part of the Exchange’s
It was designed as part of Exchange’s commitment to promote Africa’s biggest companies, as well as fast track economic development.
It would also provide a platform for greater global visibility for eligible African corporates to make it easier for them to attract global capital flows and reduce the cost of funding.
The premium board index on the other hand, is an equity index designed to provide a benchmark to capture the performance of companies listed on the Premium Board.
The index, according to NSE, would also provide a basis for developing products (such as ETFs and equity index derivatives) that are tradable on the bourse.
The Chief Executive Officer, NSE, Oscar N. Onyema explained that the NSE, as a member of the United Nation’s Sustainable Stock Exchange Initiative, designed to encourage stock exchanges to influence their ecosystem to adopt sustainable ways of doing business around environmental, social, and governance dimensions, introduced the premium board as part of its commitment to place corporate governance at the front burner and as a way to improve the method of doing business in Africa.
“We expect that companies on the board will enjoy the highest levels of visibility and appeal to investors looking for large companies with the highest standards of corporate governance.” he said.