Nigeria’s Exchange to list N23.6 billion issues

By Peter OBIORA investadvocate

Oct 19 2010 16.02 GMT

Lagos (INVESTADVOCATE)-The Council of Nigerian Stock Exchange (NSE) has approved to list shares worth N23.6 billion.


This was contained in a Statement Tuesday 0ctober 19 2010, signed by Sola Oni, Head Corporate Communications of the NSE and made available to investadvocate in Lagos Nigeria.


The Release affirmed that as a further proof of the growing investor confidence in the Nation’s Capital Market, the Council of The Nigerian Stock Exchange on Tuesday, through its Quotation Committee, approved applications for listing of shares worth N38.6 billion for three companies.


The companies are United Bank for Africa Plc (UBA) listing for Subscription of N20 Billion, Fixed Rate Subordinate Unsecured Notes (Series1) due 2017 at N1000.


“It is under a N400 billion Debt Issuance Programme of the Bank.  The joint stockbrokers to the issue are Afrinvest (West Africa) Ltd and UBA Stockbrokers Ltd while the joint Issuing Houses/Book Runners are UBA Capital Limited, Stanbic IBTC Bank Plc, BGL Plc and Greenwich Trust Limited” the Statement affirmed.


The second company is    NPF Microfinance Bank Plc listing by Introduction of 2,286,617,766 Ordinary Shares of 50 kobo each at N1.50 per share.


NSE affirmed that the Microfinance Bank was established in 1993 as NPF Community Bank Limited and became a public limited company in year 2006.


It noted that in year 2008, Lead Capital Securities Limited, introduced the Microfinance Bank to a successful Private Placement/Rights Issue.


The third on the list is Insurance Giants, NEM Insurance Plc (NEM) that applied for the acquisition of Lombart Insurance Company Limited and to list on The Exchange 303,508,147 Ordinary Shares of 50k each at par. “Marinpex Finance and Investment Company Limited introduced the company” the Release said.


“The on-going request for capital raising is an attestation to the fact that companies would continue to take advantage of opportunities in the Nigerian capital market to expand their operations” the NSE affirmed.




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