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NGX Group confirms intention to list on NGX

1.964bn shares to be listed

Nigerian Exchange Group Plc (NGX Group), yesterday, confirmed its intention to list on the Main Board of Nigerian Exchange Limited (‘NGX’). The proposed listing follows the successful completion of the demutualisation and restructuring of the former Nigerian Stock Exchange and its related operations within the new NGX Group.

Shares of NGX Group are expected to commence trading on NGX following their Listing by Introduction. All regulatory requirements have been fulfilled and the listing has received the approval of NGX Regulation Limited. A total of 1,964,115,918 shares are expected to be admitted to trading and the shares will trade under the ticker NGX Group. Mr. Oscar Onyema, Group Managing Director/ Chief Executive Officer of NGX Group, said: “I am pleased to confirm that the Group intends to move ahead with its listing by introduction on the Main Board of NGX Exchange.

“Together with many other listed companies, NGX Group will take advantage of the strategic opportunities open to quoted companies in Nigeria. As a listed entity, the Group will have access to the widest range of new investors, including the growing pool of institutional investors.

“Demutualisation has created many new possibilities for the Group and our listing is just one more step in our evolution.” Otunba Abimbola Ogunbanjo, Group Chairman of NGX Group, also stated: “The Group expects the listing to bring significant benefits to its business and its stakeholders. NGX Group will enhance its strategic flexibility by creating new financing opportunities and partnership possibilities, while diversifying its shareholder base.

 

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