By Investadvocate
Lagos (INVESTADVOCATE) – The Initiates Plc on Tuesday emerged the first waste management firm to list its shares by introduction on the Alternative Securities Market (ASeM) Board of the Nigerian Stock Exchange (NSE).
The company listed 889,981,552 ordinary shares of 50 kobo each at N0.85 per share and says it has a float of 25 percent of its fully paid shares for immediate sale.
The Initiates Plc offers contracting and consultancy services in waste Management, industrial cleaning and decontamination to Private and Public sectors including the Oil & Gas Industry.
Oscar Onyema, chief executive officer (CEO) of the NSE commenting on the event said the admission into market, puts the company on a pedestal for growth and sustainability.
“The Exchange is committed to helping indigenous companies grow into globally competitive brands whilst facilitating the creation of durable wealth and engendering the sustainability of emerging businesses in Nigeria, through our ASeM Board.
The company has successfully passed our stringent listing requirements and I commend their efforts to submit themselves to international best practices in governance” Onyema added.
He affirmed the listing of The Initiates Plc has added N756, 484, 319.20 million to the market capitalisation of the Nigerian bourse. “But more importantly, it will increase the visibility of The Initiates Plc and differentiate it as one with high corporate governance standards, having met the stringent listing criteria of the NSE,” the NSE CEO said.
On his part, Ossai Reuben Mustapha, the managing director (MD) of the waste management firm said it listed its shares on the floor of the NSE to increase its global visibility, diversify its venture capital holdings and position the company for expansion.
Others reasons include, ensuring the going concern’s continuity, further diversification of its holding structure and financial risk diversification.
Mustapha says as part its growth strategy, by 2025 the company hopes to develop and pioneer e-waste facilities, develop incineration facilities and engage in cleaning and decontamination services. “We already have the cleaning of the Ogoniland in the pipeline,” he said.
The Initiates Plc said it has projected revenue of about N1.8 billion by 2020 and would maintain its consistent dividend policy; especially now it has listed on the Nigerian bourse.
“We paid a dividend of 0.02 kobo per share in 2016; but before then, we had paid 15 kobo and 13 kobo in 2015 and 2014 respectively,” Mustapha affirmed.
Planet Capital Limited, investment banking firm is the financial adviser to the company on the listing.
