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NSE Approves N23.6bn Issues for Listing

Category: Capital Market

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NSE Approves N23.6bn Issues for Listing




October 19, 2010

The Council of The Nigerian Stock Exchange on Tuesday, through its Quotation Committee, approved applications for listing worth N38.6 billion for three companies.

1. United Bank of Africa Plc (UBA) Plc’s application for Approval/Listing for Subscription of N20 Billion, Fixed Rate Subordinate Unsecured Notes (Series1) due 2017 at N1000. It is under a N400 billion Debt Issuance Programme of the bank.  The joint stockbrokers to the issue are Afrinvest (West Africa) Ltd and UBA Stockbrokers Ltd while the joint Issuing Houses/Book Runners are UBA Capital Limited, Stanbic IBTC Bank Plc, BGL Plc and Greenwich Trust Limited.

2. 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 was established in 1993 as NPF Community Bank Limited and 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.

3. NEM Insurance Plc’s application for approval 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 was introduced by Marinpex Finance and Investment Company Limited.

Sola Oni

Head, Corporate Communications

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