NSE set to list N74.3 billion issues



By Peter OBIORA investadvocate

Aug 31 2010 18.38 GMT



Lagos—The Council of the Nigerian Stock Exchange (NSE) through its Quotation Committee on Tuesday August 31 2010 approved to list N74.3 billion issues.



This was contained in a Release signed by Sola Oni, Head, Corporate Communications of the Exchange and made available to investadvocate in Lagos Nigeria.



The Release affirmed that the N74.3 billion listing on the Nation’s Stock Exchange was part of efforts aimed at further deepening the nation’s stock market,



The issues approved for listing include that of six companies, two state governments and one financial instrument.



For the States, first; Ebonyi State is listing Bonds Offering of N20 billion Fixed Rate Development Bond 2010/2015 of N1, 000 each at par at 14 percent (14%).



The State affirms that specifically, the bond is for repayment of outstanding bank facilities as well as funding of the state infrastructural development initiatives. A Consortium of four Stockbrokers led by Cowry Assets Management Limited are the joint stockbrokers to the issue.



On its part, Kaduna State’s application for Offer for Subscription of N8, 500,000,000 12.5 percent (12.5%) Fixed Rate Bond 2010/2015 of N1, 000 each at N1,000 per bond was approved for listing. The Exchange affirms that the Bond was introduced by BGL Securities Limited.  



Others are Skye Bank Plc’s Placing of 1,750,000,000 Ordinary Shares of 50 kobo each at N7.00 per share with 22 high networth and institutional investors. The Issue was jointly introduced by Dominion Trust Limited and Renaissance Securities Limited.



While Wema Bank Plc Placed 3,096,189,286 Ordinary Shares of 50 kobo each at N3.00 per share with two strategic investors. It was introduced by Independent Securities Limited.  



Also, Geo-Fluids Plc Listed by Introduction 3,991,563,298 Ordinary Shares of 50 kobo each at N5.00 per share.  The Issue was introduced by Falcon Securities Limited and Chartwell Securities Limited.



“The issue would shore up the Market capitalisation by N19.958 billion” the Release said.



While BGL Funds Limited’s Initial Public Offering (IPO) for Nubian and Sapphire Funds of 500,000,000 and 2,000,000,000 units at N1.00 at par respectively were listed.



Also listed were Tantalizers Plc’s Placing of 261,627,907 Ordinary Share of 50 kobo each at N0.86 per share of valued at N225 million with the International Finance Corporation (IFC). The issue was introduced by Skye Securities Limited.



On the list of approved listing were Staco Insurance Plc’s Rights Issue of 1,609,825,989 Ordinary Shares of 50 kobo each at par and Deap Capital Management and Trust Plc’s Rights Issue of 750,000,000 Ordinary Shares of 50 kobo each at N1.00 per share.



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