Press Release
Major boost for Nigeria ’s fast-growing SMEs, unlisted companies
LAGOS, Nigeria, June 28, 2013 – Tony Elumelu ’s Heirs Holdings, the pan-African investment company announced it has taken a strategic stake in the new NASD trading platform which will commence operations on July 1 this year.
Following the group’s recent investment in Africa Commodity Exchange Limited (AFEX), which Heirs Holdings co-founded with the US-based Berggruen Holdings, this announcement represents another significant move to develop equity and commodity trading in Africa .
The NASD is an alternative trading platform created by the National Association of Securities Dealers to bring more liquidity to Nigeria ’s capital markets. It has been licensed by the Securities Exchange Commission (SEC) to trade a broad range of instruments over-the-counter including unlisted equities and bonds in Nigeria .
NASD will join the Nigerian Stock Exchange (NSE), as well as the recently created Alternative Securities Market (ASEM) designed for unlisted stocks and fast-growing SMEs to bring more choice and transparency to thousands of companies looking to trade their shares on an open, regulated market.
Heirs Holdings Chairman Tony O. Elumelu, CON, said, “The NASD offers investors an alternative way of accessing capital for growth in an efficient manner. We have invested in the platform because Heirs Holdings is committed to financing projects that contribute strategically to the growth of entrepreneurs across Africa .â€ÂÂ
The CEO of NASD, Mr Bola Ajomale said, “It is thanks to shareholders like Heirs Holdings who appreciate the importance and far-reaching impact of the exchange, that the NASD will commence trading shortly. Their ambition to build commodity exchanges across Africa has meant they intrinsically understand what the NASD wants to achieve. Heirs Holdings isthe sort of partner we need to ensure that the NASD is supported in its mission to deliver a world class alternative trading platform for unlisted entities in Nigeria .â€ÂÂ
The NASD investment will be added to Heirs Holdings’ financial services investment portfolio, which includes the pan-African United Bank for Africa; UBA Capital, the group’s listed investment banking and asset management arm; Africa Prudential Registrars Plc, the only listed share registrar company in Nigeria; and Heirs Insurance Brokers.
Heirs Holdings also has investments in the oil and gas, power, real estate & hospitality, agribusiness and healthcare sectors through a growing number of investee companies in which it takes a significant shareholding.
ENDS
For more information:
MokyMakura
Director, Marketing and Corporate Communications
Heirs Holdings Ltd.
Phone: +234 1 277 4641
