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400,000 investors to get e-certificate on BAGCO offer

Category: Investors NewsBeat

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400,000 investors to get e-certificate on BAGCO offer


Proshare NI

April 09, 2008 at 19:11 GMT

About 400,000 investors are to get the e-certificate for the last Initial Public Offering (IPO) of the Nigerian Bags Manufacturing Company Plc, (BAGCO). Bunmi Oguntoye Registrar/Chief Executive Officer (CEO) of Meristem Registrars Limited, Registrars to the offer confirmed this today to Proshare NI at the floors of the Nigerian Stock Exchange (NSE).

“As of this morning, we have just sent 300,000 to the Central Securities Clearing System Limited (CSCS) for verification and confirmation in order to get the e-certificate” he said.

Oguntoye confirmed that with this development, Meristem is preparing and positioning itself for the future; in order to meet up with the demands of regulatory authorities.

“In filling our forms, we ensure that we provide a place whereby investors can fill their CSCS number and make sure that these investors use it” Oguntoye disclosed.

He confirmed that the CSCS sent a special format to Meristem Registrars after the offer; “we codify this format in a diskette; instead of printing certificates and send it to the CSCS, which they would upload and credit those concerned investors with their shares” he said.

Oguntoye confirmed to Proshare NI, that what was traded on this morning during the listing was done electronically. “What was done this morning was through e-offer, we call it e-offer, because there wouldn’t be any certificate for that” he said.

This Binos Yaroe, General Manager (GM)/Head, Quotations and Listing at the NSE, confirmed to members of the public. “By January next year the issue of certificate not received would have been sorted out through the e-certificate, so investors should take it easy all these will be a thing of the past” he said.

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