By Peter OBIORA investadvocate

Oct 27 2010 09.30 GMT

Lagos (INVESTADVOCATE) Cocoa Processing Company, Multi-Trex Integrated Foods Plc (MULTI-TREX) would be listing shares worth N11.2 billion on the Floor of the Nigerian Stock Exchange Monday November 01 2010 in Lagos Nigeria.

 

Yusufu Isiaka, Managing Director/Chief Operating Officer (MD/COO) of the company confirmed this to investdvocate Wednesday October 27 2010.

 

The company will be listing 3,722,493,620 Ordinary Shares of 50 Kobo each at N3.00 per share amounting N1.167, 480,860.00.

He affirmed that Multi-Trex has secured all the necessary approvals from Regulatory Authorities for the historic event of listing the Company on the Floor of the Exchange.

“We have received all the necessary approvals from the Securities and Exchange Commission (SEC) and the NSE; by Monday November 01 2010 we would list our shares on the Nation’s Exchange” he said.

 

He further confirmed to investadvocate that the company is about placing the advertorial on at least two major Dailies to notify the public of its planned listing as part of fulfilling the requirements from Capital Market Regulators on companies approaching the Market to list its shares.

Isiaka also affirmed that tomorrow Thursday October 28 2010, Dealing Members of the Exchange would be paying a facility visit to firm to have a firsthand look and experience of the operations of the company and facilities on ground.

This is to confirm that Multi-Trex is a serious company that and would be the delight of investors if it eventually lists on the Nation’s Stock Exchange” the MD/COO of Cocoa processing firm said.

He however noted that the company currently has an estimated 500 shareholders. “We could not keep that amount of shareholders and still be a Limited Liability Company. Following this, we immediately sought the necessary approval to be a Public Liability Company (PLC)” Isiaka said.

 

Multi-Trex in June 06 2008 opened application to select investors to raise funds via Private Placement. The company offered 2.0 billion Ordinary Shares of 50 Kobo each at N3.00k per share.

Leading Issuing House was Skye Financial Services Limited and Joint Issuing House was Goldman Assets Management Limited. Capital assets Limited was Financial Advisers to the Placement.

 

Meanwhile, the Cocoa Processing firm had concluded plans to venture into Cocoa-based consumer products such as chocolate drinks, chocolate dry mix and chocolate bars.

 

It is expected that the company’s manufacturing facilities to support the production of these new products will be on stream later this year.

 

This is coming on the heels of the advice by Emmanuel Ikazoboh, Interim Administrator of the NSE that companies that undertook Private Placement (PP) few years back and promised to list on the Exchange should come and do so as the Market is eagerly awaiting them.