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   Market Date: 30-01-2015   
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Abbey Building Society to list 4bn shares

Category: Investors NewsBeat

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Abbey Building Society to list 4bn shares


Abbey Building Society Plc has indicated plans to list four billion shares by introduction on the Nigerian Stock Exchange in June.


According to the Chief Operating Officer of the company, Mr. Ohio Ifiabor, ”Going by current plans, about four billion units of the shares of Abbey Building Society should have been listed by introduction on the Nigerian Stock Exchange before end of the first half of this year.”


Speaking during the signing ceremony of the agreement to list the shares between Abbey and Africinvest Financial Sector Limited on Wednesday, he said that with the foreign investments coming into the company, it aim of being one of the first Nigerian mortgage banking institutions that would have foreign equity stock listed and traded on the domestic exchange.


”Our very strong and stable liquidity position is enviable in the Nigerian banking industry, as we have consistently placed funds/deposits running into billions of naira in most universal banks, so we have met all our financial obligations as and when due.


“In the very near future, Nigerians will be offered an opportunity to partake directly in the company‘s wealth through an initial public offer,” he said.


Also speaking at the event, the Managing Director, ABS, Mrs. Rose Okwechime, said she was grateful to Africinvest for partnering with the company, saying that following the coming of the foreign investor, other investors had began to show interest in investing in the company.


”By June this year, we would be recording a share capital of N5bn, and we hope that by next year, it would increase to 25bn, with the help of the investments we will be getting from our foreign partners and other prospective partners,” she said.


The representative of AFSC, Mr. Khaled Ben Jilani, said that the international financial institution had a duty of investing in private companies to help them develop into profitable institutions to be able to meet the needs of its customers.


”We try to develop institutions, and assist to get other international financial institutions to invest in them and make them profitable so that people can have more access to their services,” he said.


Africinvest invested ¤1.25m share capital and ¤1.25m convertible loans facility of five years into Abbey Building Society Plc. The second tranche of N1m share capital and N1m convertible investments will be received within six months. - Punch

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