Lotus Capital Limited says it has held a signing ceremony with respect to the proposed initial offer for subscription of the Lotus Halal Equity Exchange Traded Fund.

The company said this in a statement made available to our correspondent on Monday.

The signing ceremony was held following the receipt of the Securities and Exchange Commission clearance of the Offer Documents in respect of the proposed initial offer for subscription of 100 million units of the Lotus Halal Equity Exchange Traded Fund, the statement said.

It added that the Board of Directors of the company and relevant professional parties, including Vetiva Capital Management Limited, which is the issuing house to the offer, were present to execute the Offer documents during the signing ceremony.

The statements read in part, “Lotus Capital, upon receipt of final approval from the Securities and Exchange Commission, plans to launch the Lotus Halal Equity Exchange Traded Fund, an Exchange Traded Fund based on the NSE Lotus Islamic Index.

“The Index is an adjusted market capitalisation weighted index currently comprising 15 Shari’ah compliant equities listed on the floors of the Nigerian Stock Exchange.”

Lotus Capital is an investment management company specialising in asset management according to the Islamic system of financial management.

The company was founded in June 2004 with the objective of providing cost – effective ethical financial solutions to individuals, businesses and organisations across West Africa.

Punch