-As PCMN list N3.092 billion

By Peter OBIORA investadvocate

Nov 02 2010 23.32 GMT

Lagos (INVESTADVOCATE) – Investors’ confidence is fully back into the Nation’s Stock Market. Emmanuel Ikazoboh, Interim Administrator of the Nigerian Stock Exchange (NSE) confirmed Tuesday November 02 2010 in Lagos Nigeria.

 

This was contained in his remark at the Floor of the Exchange on the occasion of the listing by introduction of Paints and Coatings Manufacturers Nigeria Plc (PCMN).

 

“It is gratifying to note that investors’ confidence is fully back into our Market” he said.

 

He further affirmed that it is cheery news that in one week, the Exchange has listed three important Companies.

 

“Precisely on Tuesday, October 26 2010, that is last week, our Exchange made history by listing 15.5 billion Ordinary Shares of 50 Kobo each of Dangote Cement Plc at N135.00 per share. This was the largest issue by a single company to be listed on this Exchange” Ikazoboh said.

 

The Interim Administrator noted that the listing added a total of N2.1 trillion to the Market Capitalisation of The Exchange indicating 25 percent (25%) of Capitalisation in the Nation’s Stock Exchange as at October 26 2010.

 

“Only yesterday (November 01 2010), Multi-Trex Integrated Foods Plc joined the elite club of Quoted Companies on our Exchange” he affirmed.

 

This is coming on the heels of the listing by introduction PCMN 792,914,256 Ordinary Shares of 50 kobo each at N3.90 per share.

 

Meanwhile, the Paints and Coating Company has projected to pay 0.6 Kobo, 0.8 Kobo and 12 Kobo dividend payout to investors of the company for the Years Ending December 31 2010, 2011 and 2012 respectively.

 

PCMN in the forecast period hope to increase its Gross Profit from N492.817 million in year 2010 to N787.485 million in year 2012; representing 57.79% in the forecast period.

 

While Profit After Tax (PAT) is expected to grow from N68.093 million in year 2010 to N141.940 million showing a growth of 108.45%.