The Nigeria Exchange Group (NGX Group) plans to list 1.964 billion shares by introduction on the main board of the Nigeria Exchange Limited (NGX) on October 13th, 2021.
This was disclosed by Oscar Onyema, Group Managing Director/ Chief Executive Officer of the NGX in a ‘Facts behind the Listing of NGX Group’ presentation yesterday at the exchange, monitored by MoneyCentral.
A listing by introduction is often suitable in the case of a company that does not need to raise capital immediately and satisfies all regulatory requirements for listing by the Nigerian SEC and NGX.
The new shares to be listed will trade in the financial services sector under the ticker name NGXGROUP and will have a free float of 20 percent, which should help initially with price discovery and liquidity.
There would be 300 shareholders on admission of the shares to begin trading, while DataMax Registrars Limited will be the Registrars.
NGX Group reported total operating income of N6.01 billion for the 2020 financial year while net income for the period came in at N1.83 billion, and total assets stood at N35 billion, data from its audited financial statements show.
For the Half Year 2021 period NGX has reported total income of N2.72 billion, net income of N761.29 million and total assets of N35.79 billion.
The operating income and net income are both below the run rate for FY 2020, while total assets have grown.
Onyema in his presentation outlined some of the benefits of the listing to include ability to raise funds, potential for an IPO in the future, improved corporate governance, enhanced competitiveness and access to skills.