By Nkiruka Nnorom
The Nigerian Stock Exchange (NSE), yesterday, migrated four companies – Chellarams Plc, Living Trust Mortgage Plc, McNichols Plc, and The Initiates Plc to the Growth Board from the Alternative Securities Market (ASeM) even as the Exchange launched the associated Growth Board Index to track development in the sector.
The migration follows the receipt of applications from these companies requesting to be migrated from ASeM, and consequent screening and approval by the National Council of the Exchange.
The NSE Growth Board was launched in January 2020 to encourage Start-Ups, Small and Medium Enterprises (SMEs) and growth-oriented companies looking to raise capital and promote liquidity in the trading of their shares. It offers relaxed entry criteria with less stringent listing requirements, making it easier to attract capital flows along with reduced pre and post-listing obligations.
Speaking at the virtual migration ceremony and Closing Gong ceremony by the companies, Oscar Onyema, Chief Executive Officer, NSE, said: “This migration affirms the notable efforts of the four companies to meeting corporate governance standards and underpins the robustness of our market. “We congratulate and are pleased to migrate Chellarams Plc, Living Trust Mortgage Plc, McNichols Plc, and The Initiates Plc to the Growth Board where they will have access to a suite of value-added services that will give them a competitive edge beyond access to capital.”