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NSE council approves N93.6b issues

The Council of the Nigerian Stock  Exchange (NSE) has approved is isues worth N93.6bn through its quotation committee.

 Mr Sola Oni, the Assistant General Manager and Head, Corporate Communications, said in a statement given to the News Agency of Nigeria (NAN) in Lagos that the approval was in respect of four companies, a state government and two financial instruments.

The statement said the approval was a sign of rising investors’ confidence in the stock market. “Bayelsa State Government got the council’s approval for its offer for subscription of N50bn Fixed Rate Development Bond 2016 of N1,000 each at par. The bond is to fund the state’s infrastructural development initiatives and a consortium of nine stockbrokers, led by FBN Securities Ltd, is the joint stockbroker to the issue,” it said.

The statement said the council also approved the Unity Bank’s Rights Issue of 23.93 billion ordinary shares of 50k each at N1.00 per share.

“It has provisional allotment of three new ordinary shares for every two held as at the close of business on Tuesday, April 27, 2010,” it said. The statement said the issue would shore up the market capitalisation by N23.93bn.

It further stated that the Studio Press Nigeria Plc’s Debt/Equity Conversion of 262.78 million ordinary shares of 50k each at N1.40 per share valued at N367.89m was also endorsed.

The council also approved the Paints and Coating Manufacturers Plc’s Listing by Introduction of 792.91 million ordinary shares of 50k each at N3.90 per share. This issue, the statement said, would inch up the market capitalisation of the exchange by N3.092bn. It added that the council approved the Multi-Trex Integrated Foods Plc’s Listing by Introduction of 3.72 billion ordinary shares of 50k each at N3.00 per share.

NAN quotes the NSE as saying the listing would add N11.168bn to the market capitalisation. The Listing by Introduction of five billion ordinary shares of 50k each at N2.00 per share of Sim Capital Alliance Value Fund also got the endorsement of the council. The Diamond Capital Balanced Fund’s application for an Initial Public Offering and Memorandum Listing of 50,000,000 units of N100 each at par got the council’s nod


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