In line with its commitment to uphold best global practices, Nigerian Exchange Group Plc’s (NGX Group or The Group) leveraged the Facts Behind the Listing of Nigerian Exchange Limited (NGX or The Exchange) to engage stakeholders yesterday ahead of the Listing by Introduction of its shares on NGX.
The proposed listing, the NGX said in a statement, comes on the back of the successful completion of the demutualisation and restructuring of the former Nigerian Stock Exchange and its related operations within NGX Group.
“Furthermore, In line with the practice of demutualized exchanges, NGX Group will be listing on the operating Exchange to support liquidity and enhance transparency.
The proposed listing of the shares of NGX Group is expected to occur following the fulfillment of all regulatory requirements and the approval of NGX Regulation Limited. A total of 1,964,115,918 shares are expected to be admitted to trading and the shares will trade under the ticker NGXGROUP. “it stated.
Speaking during the Facts Behind the Listing, the Chief Executive Officer, NGX, Mr. Temi Popoola, noted that, “I am pleased to congratulate the Board, Management and staff of NGX Group for the successful completion of the demutualization and restructuring of the former Nigerian Stock Exchange and subsequent listing on the Main Board of NGX. Demutualization strategically places NGX Group in a position to provide liquidity to members while stimulating the capital market ecosystem to grow at the same pace as the economy. Furthermore, this move will see The Exchange evolve in a fashion similar to other demutualized exchanges, which have experienced significant periods of growth following their demutualization.”
On his part, the Group Managing Director/Chief Executive Officer, NGX Group, Mr. Oscar N. Onyema, during his presentation highlighted that, “NGX Group has its key strategic focus geared at leveraging organic and inorganic growth opportunities for expansion of its business across relevant business categories in order to increase global competitiveness.As a listed entity, NGX Group will have access to the widest range of new investors, including the growing pool of institutional investors, and this is just on one more step in our evolution. Having successfully demutualised, we will actively forge ahead with its aspiration to become Africa’s leading integrated capital market infrastructure group.”
Speaking to the prospects NGX Group provides to investors, the Group Chief Financial Officer, NGX Group, Mr. Cyril Eigbobo presented the financial of the organisation in its pre-demutualised state. “NGX Group boasts a diversified revenue base with significant contributions from transaction fees, listing fees, interest income from investment in treasury bills, fixed deposit etc. In addition to contributions from operating subsidiaries, consolidated Group net income includes share of income in equity investees held by the Holdco, NGX Group Plc. Evidently, The Group has a large, diversified and growing asset base which includes long and short-term risk-free securities.”
Group Chairman, NGX Group, Otunba Abimbola Ogunbanjo had also earlier stated, “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, and for its current long-term shareholders, it will create the possibility to realise value.”
Thisday Newspaper October 12th, 2021