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NGX Group unveils plans to list shares by way of introduction

By Helen Oji
08 October 2021   |   3:05 am
The Nigerian Exchange Group Plc, yesterday, announced its intention to be listed on the main board of Nigerian Exchange Limited (NGX).

The Nigerian Exchange Group Plc, yesterday, announced its intention to be listed on the main board of Nigerian Exchange Limited (NGX).

The proposed listing follows the successful completion of the demutualisation and restructuring of the defunct Nigerian Stock Exchange (NSE) and its related operations within the new NGX Group.

According to a statement by the exchange, shares of NGX Group are expected to commence trading on NGX following a listing by introduction.

Listing by introduction is a way of listing shares already in issue on another exchange. No marketing arrangement is required as the shares for which listing is sought is already widely held.

The NGX Group explained that all regulatory requirements have been fulfilled while the listing has received the approval of NGX Regulation Limited.

It pointed out that a total of 1,964,115,918 shares are expected to be admitted for trading while the shares will trade under the ticker NGXGroup.

Reacting to the development, Group Managing Director/Chief Executive Officer of NGX Group, Oscar N. 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.”

Group Chairman of NGX Group, Abimbola Ogunbanjo also stated that the Group expects the listing to bring significant benefits to its business and stakeholders.

He noted that NGX Group would 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 the 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 while the financial advisers to NGX Group are Chapel Hill Denham Advisory Limited and Rand Merchant Bank Nigeria Limited.