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   Market Date: 01-09-2014   
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Q & A with CEO Pinnacle Point Plc -

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There is strength in Nigerian Capital Market-Pinnacle Chairman

 

“It is official: Pinnacle Point Holdings is now the Pinnacle Group, and it listed on the Johannesburg Stock Exchange (JSE) under its new name on November 17. Lazarus Zim, is the New Chairman of the Group

 

(Source: The Pinnacle)

 

“The Pinnacle Point Group is a property development and investment group; specialising in the creation of luxury style retirement and residential estates.

 

 

The Group is current involved in a number of development projects in South Africa. Additionally, it has recently announced agreements to develop in Seychelles and Lagos, establishing the Pinnacle Point Group as a major lifestyle development company on the African continent

 

(Source: Pinnacle Point Group official website)

  

Proshare NI in its usual manner sought to find out more about Pinnacle Point Plc a Property development group today at the first ever cross border listing on the Nigerian Stock Exchange (NSE).

 

In this interview with PETER OBIORA of Proshare NI, Polelo Lazarus Zim, Chairman of the Pinnacle Point Group discusses on issues relating to the company's cross border listing on the Floor of the NSE, why list on the Nigerian Exchange at this Meltdown era and dividend payment to investors.

  

Other issues discussed include stake of Goldbanc Management Associates Limited, (GMA) its Nigerian investor, the company's proposed project with the Lagos State Government and the its commitment to Nigeria. Excerpts:

Why come to Nigeria?

Nigeria is by far the largest Market in Africa, before Oil was discovered, Agriculture was there. But when one look beyond Oil, you look at the real sense of the Nigerian economy; which is the people of Nigeria. Nigeria has a highly educated population, highly skilled people; many of them are all over the world.

What is happening is that more and more Nigerians all over the world like I affirmed earlier bring their expertise back home from wherever they go to run their own business.

 

Therefore, it is the amount of calling that I see in the Nigerian economy; more than Oil or anything else that makes me affirmed that this country is going places and would make Africa greater.

 

Another thing to look at is the climate of Nigeria, like I earlier mentioned, before Oil, Agriculture was the main stay of the Nigerian economy. The climate has not changed, of course there is climate change all over the world, but in Nigeria, it remains the same; therefore, there is no reason Nigeria should not also be a super power in terms of Agriculture.

 

If you look at happenings around the world at this particular point in time, there is no food security; it is becoming more expensive, because of what is happening in Asia.

 

There are many other areas I believe Nigerian play important role, Information Technology (IT) and so on. I believe that by coming here, we are coming in at the right time.

 

 

I came here with Mnet Supersports, I was the Chief Executive of the company and as at today, I am still a shareholder of Mnet and they are still doing very well here.

 

 

Thereafter, I came back with MTN Communications, and I went back to South Africa, now I am back with Pinnacle and I am also a shareholder in the company. I am an Entrepreneur looking for opportunities, next time I promise that I will come back to Nigeria to do something else.

 

Pinnacle Point and dividend payout

 

We are one tremendous opportunity into Nigeria with what we are doing today. But also we want to get Nigerians to participate in everything we do; not just locally but the entire Group.

 

You will agree also with me that the confidence in the Nigeria economy is not misplaced; it is something that really I believe that we should continue to encourage people, it is a resilient economy, and it is true that the whole world is going through a Meltdown, a lot of big companies and major institutions have fallen.

 

We have not seen that same amount of pain in Africa; I have no doubt that we would do very well.

 

On the issue of dividend payout to investors, I cannot confirm that there would be dividend at the end of this year, because we are still investing. We know that this cycle will come and go; so our idea is that if we start construction later this year, and we put the money into it; hoping that in a year or two years later when the Market turns around, that is when we are going to see the strength.

 

 

We are appealing that Nigerians should invest in us, we have a plan, but I cannot confirm if we would give dividends to our investors this year.

 

 

Pinnacle Point and reason for listing on the NSE

 

We are the developer of Golf and Leisure Estates; we have got a number of developments in South Africa, Mozambique and a good project in Seychelles at the moment.

 

We have very big plans for Nigeria; the reason we are introducing the company on the NSE; is to give like I earlier affirmed the Nigerian investors an opportunity to invest in the company; so that they would not just participate in the opportunities of what is available here locally; but in everything that we do wherever, we are going to be one.

 

 

Pinnacle Point is selling to investors an opportunity to buy shares in the company; which is listed on the JSE in South Africa. We are doing a dual listing, the first of its kind in Africa, whereby the entire shares of Pinnacle listed in South Africa is also listed in Nigeria.

 

Nigeria is a great country, a Market with potential that is untold and unimaginable. Again, I am a great believer in the Nigerian economy. I have been here before, in the last 15 years, I have been coming in and out of Nigeria to do business and everything that we have done here have succeeded, and I expect this one to be a greater success going forward.

 

 

EDITOR's NOTE:

 

Pinnacle Point Plc listed the company's entire issued shares of 4,579,782,814 on the Nigerian Stock Exchange (NSE) which are listed on Johannesburg Stock Exchange (JSE). The company listed at N6.00 to allow free movement of shares on both Exchanges.

 

The Lagos State Government project

 

It is a project that we believe is going to do a lot of good things for tourism in Nigeria. But at the moment, we are going through a number of regulatory processes, we do not want to pre-empt anything, we would at the appropriate day unveil the project to the Market and you would like it.

 

We decided to start from Lagos, because it is the centre of excellence, big city and opportunities; this is where to start.

 

FACTS CHECK:

 

Pinnacle Point Plc has signed a Memorandum of Understanding (MOU) with the Lagos State Government (LASG) for a major Real Estate development known as “Lagos Keys which would include development of residential, commercial, financial and tourist accommodations. 

 

Pinnacle Point listing at a Meltdown time

 

This is something that we planned, Mr. Bright Igbinedion, invited us two years ago, and then we saw the planning. When you do a major development, it takes a long time. Therefore, we started planning a long time ago, and this is part of our programme.

 

In the choice that we had; given the Meltdown was to say do we stop or to continue, however, we decided to continue and why did we make this decision to continue; because we believe in the strength of the Nigerian Market and economy.

 

 

Also we believe that there is life on the other side of the Meltdown and indeed if we build now, on the other side of the Meltdown, we would be smiling. We believe in taking calculated risk, and this is a very important point for us and we believe that we have done our numbers and that Nigeria can carry our risk.

 

Stake of Nigerian Investors in Pinnacle Point

Goldbanc Management Associates Limited (GMA) is a group of Nigerian Investors that always invest in Nigeria, but this is their first foray outside Nigeria, and therefore, they bought 10 percent (10%) of the company.

 

Commitment to Nigeria

 

We believe in Nigeria, we have no doubt that everything we do here will succeed; it is great place to do business, a great country, with great potential, wonderful and talented people.

 

End



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