By Peter OBIORA investadvocate

Lagos (INVESTADVOCATE)–Food Emporium International Limited operating a Portuguese branded eatery (Barcelos) has resolved to list its shares on the Floor of the Nigerian Stock Exchange year 2011.

A Source who is part of the Financial Advisers to the Company (name withheld) because he is not allowed to speak with the media on the issue at this point in time made this disclosure to investadvocate in Lagos Nigeria.

InvestAdvocate gathered that this was coming on the heels of a recent Board meeting held by the Company in Lagos Nigeria; where the Financial Advisers put forward the idea of the Eatery Firm listing on the Nation’s Stock Exchange

”We have not finalised the OTC Market, but I can tell you the Company is getting ready to list this year. The Board is considering listing this year. And at the last Board Meeting it was very crucial, it was one of the things that we as their Financial Advisers put forward to them,” the Source said.

Prior to this time, at the end of the Third Quarter (Q3) of year 2010, investadvocate had reported that Barcelos was planning to create an Over-the-Counter (OTC) window to enable investors that took part in the Companies last Private Placement (PP) and wish to trade on their shareholding are given the opportunity to do so; since the Firm is yet to listed.

Barcelos had in its last Annual General Meeting (AGM), reiterated its commitment to list on the Exchange; but postponed it because of the Capital Market Meltdown.

According to the Financial Adviser to the Company who spoke to investadvocate, the decision was reached; so that investors would not lose value on their investments; if the Eatery firm lists at that time. ”The reason for this was to avoid the erosion of value on shareholders investments,” our Source said.

Barcelos in October 2008 opened a Private Placement (PP) and sought to raise N750 million by offering 300,000,000 million ordinary shares of 50 kobo each at N2.50 Kobo per share to select investors.

Before this time, Olaolu Akerele, Managing Director (MD) of the company had said that they are doing their best to improve on investors returns through historical dividend payment and that the company may not consider immediate listing on the Exchange; which was dependent on the outcome of the Placement.

”We are not listing if we have not created any track record. After the end of the placement, we may consider 2009 or 2010. If the investors through the placement help us to achieve our desired result; then we can go public,” Akerele affirmed.

Lead Financial Advisers to the Placement were Cordros Capital Limited and Staco Prime Capital Limited, while joint Financial Adviser is F & C Securities Limited.

This is coming on the heels of the NSE’s Management drive that Companies that did Private Placement should come to the Nation’s Stock Exchange and list its shares.