June 20, 2012 / Proshare WebTV News

Fortis Microfinance Bank (Fortis MFB) has been listed on the floor of the Nigerian Stock Exchange (NSE) on June 20, 2012. This will be the second of such listing by introduction by the bourse.

MD/CEO, Kunle Oketikun while providing reasons that encouraged the company to list said that “the Microfinancing business in Nigeria is lucrative enough to be well represented in the stock market”.

“Fortis Microfinance Bank has strong fundamentals and potentials in micro-credit financing and we have therefore come primarily to raise additional working capital”, said Oketikun.

The NSE CEO, Oscar Onyema affirmed that Fortis Microfinance Bank has, in all ramifications, met the listings standards. Discussing some of the challenges that microfinance banks in Nigeria are grappling with, Onyema assured that the rigours of listing will address such issues and called on Fortis MFB to be a role model for others by complying with the posting listing requirements of the bourse.

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RECALL: Fortis MFB listed 1.63 ordinary shares of 50kobo each at N5 per share on Wednesday, the bank readily traded 5.56 million shares, worth N28million on the same day, at the trading floor.

NOTE: Fortis MFB is seeking to raise funds within the N2billion region from the market. It is currently valued at N8.15billion Naira.

http://www.proshareng.com/quote/FORTISMFB