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Exchange approves N38.6 billion issues for listing

The Council of The Nigerian Stock Exchange (NSE), through its Quotation Committee approved applications for listing worth N38.6 billion for three companies. A statement signed by Head Corporate Communication, NSE, Mr Sola Oni, said that the approval was a further proof of the growing investor confidence in the nation”s capital market.

According to the statement, United Bank of Africa (UBA) Plc’s application for Approval/Listing for Subscription of N20 Billion, Fixed Rate Subordinate Unsecured Notes (Series1) due 2017 at N1000 was approved. The statement further said that “the approved subscription was under a N400 billion Debt Issuance Programme of the bank.

The joint stockbrokers to the issue are Afrinvest (West Africa) Limited and UBA Stockbrokers Limited, while the joint Issuing Houses/Book Runners are UBA Capital Limited, Stanbic IBTC Bank Plc, BGL Plc and Greenwich Trust Limited”.

The council also approved the NPF Microfinance Bank Plc’s application for Listing, by Introduction of 2,286,617,766 Ordinary Shares of 50 kobo each at N1.50 per share.

The bank which was established in 1993 as NPF Community Bank Limited became a public limited company in 2006. In 2008, it had earlier recorded a successful Private Placement/Rights Issue.

It was introduced by Lead Capital Securities Limited. The statement added that the council endorsed the NEM Insurance Plc’sapplication for Acquisition of Lombart Insurance Company Limited and Listing on the Exchange of resultant 303,508,147 Ordinary Shares of 50k each at par.

It further stated that the company was introduced by Marinpex Finance and Investment Company Limited. Oni noted that the on-going request for capital raising was an attestation to the fact that companies would continue to take advantage of opportunities in the Nigerian capital market to expand their operations.


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