NGX Group listing on NGX excites market operators

Chapel Hill Denham Advisory Ltd has achieved a landmark with the listing of the Nigerian Exchange Group Plc (NGX Group) on the main board of the Nigerian Exchange Ltd (NGX).

 A total of 1.96 billion shares of the NGX Group were listed on the NGX platform by introduction at N16.15 per share.

The listing was subsequent to the successful completion of the demutualisation of the former Nigerian Stock Exchange and its related operations within the new NGX Group.

 Chapel Hill Denham Securities Ltd acted as sponsoring brokers to the listing of NGX Group.

The Group Chairman, NGX Group, Mr Abimbola Ogunbanjo, at the closing gong ceremony to commemorate the successful listing in Lagos on Friday described the developement as a milestone.

Ogunbanjo said that the listing was as a result of satisfying the listing requirements and obtaining relevant regulatory approvals.

“Today’s Listing of NGX Group on NGX is another milestone attained pursuant to the Group’s 2018 to 2021 corporate strategy.

“Our shareholder base has more than doubled since our demutualisation in March 2021 and our valued shareholders will benefit from the enhanced liquidity that listing on the exchange will facilitate.

“This listing will also enable a much wider universe of potential investors and market participants to share in our growth journey,” Ogunbanjo said.

The Group Managing Director/Chief Executive Officer, NGX Group, Mr Oscar Onyema, said the listing would enable institutional investors globally as well as the Nigerian public to invest in NGX Group.

“Serving the largest economy in Africa, NGX Group’s listing allows us to expand in key capital market infrastructure verticals and look beyond Nigeria’s borders, as we deliver on our growth plans to become Africa’s leading capital market infrastructure group,” Onyema said.

Also speaking, the Chief Executive Officer, NGX, Mr Temi Popoola, welcomed NGX Group to the main board of the Exchange.

Popoola congratulated the board and management on a successful demutualisation and on its subsequent listing.

“This move is particularly exciting, as it will position NGX Group to provide liquidity to members, while stimulating the capital market ecosystem to grow at the same pace as the economy.

“Today, we reiterate our commitment to being a trusted partner to NGX Group and other listed companies as we continue to build a platform that allows our listed companies, investors and other stakeholders to maximise value in our market,” he said.

Speaking at the listing ceremony, Kemi Awodein, Managing Director, Chapel Hill Denham Advisory, commended the NGX Group for the landmark.

“We are certain this listing will allow NGX Group find its true value, as well as increase its profile. Chapel Hill Denham is proud to have worked with the NGX Group on this landmark transaction,” Awodein said.

Mr Akeem Shadare, Managing Director, Chapel Hill Denham Securities Ltd said: “this will broaden NGX Group’s ownership and provide a new sector available for investors on NGX.”

At the end of trading, the share price rose to N17.75 per share representing an increase of N1.60 per share or 9.91 per cent.

(NAN)