Tuesday, December 7, 2021

NGX Group Confirms Intention To List Stock Exchange

Nigerian Exchange Group Plc yesterday confirmed its intention to list on the main board of Nigerian Exchange (NGX) Limited.

The planned listing follows the successful completion of the demutualization and restructuring of the Nigerian Stock Exchange and its related operations within NGX Group.

A statement from the group said: “Shares of NGX Group are expected to commence trading on NGX following their listing by introduction. All regulatory requirements have been fulfilled and the listing has received the approval of the Securities and Exchange Commission of Nigeria.”

According to the release, a total of 1.964 billion shares are expected to be admitted to trading and the shares will trade under the ticker NGXGroup.

The group managing director/chief executive officer of NGX Group, Oscar Onyema said: “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. Demutualization has created many new possibilities for the group and our listing is just one more step in our evolution.”

Also, the group chairman of NGX Group, Otunba Abimbola Ogunbanjo, stated that the group expects the listing to bring significant benefits to its business and its stakeholders, even as NGX group will enhance its strategic flexibility by creating new financing opportunities and partnership possibilities, while diversifying its shareholder base.”

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