Proshare Logo
   Market Date: 30-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

African Alliance missing from NSEâ€âââ‚

Category: Investors NewsBeat

  Read (2524)
African Alliance missing from NSEâ€âââ‚

Proshare NI
March 13, 2009 at 16:09 GMT

African Alliance Insurance Company Limited, (AA) was conspicuously missing from the Nigerian Stock Exchange (NSE) newly approved listing.

As earlier reported by Proshare NI, the Council of the Stock Exchange newly approved seven (7) companies for listing on the Floor of the NSE; to list securities worth N76 billion through Listing by Introduction, Rights Issue, Placing and Supplementary Issue.

The companies include Pinnacle Point Group Limited, a Property Development Company that has its primary listing on the Johannesburg Stock Exchange (JSE) in South Africa, E-Tranzact International Plc, a company engaged in making remote real time settlement of transactions possible by telephone and internet and Mtech Communications Plc, a mobile content, media interactivity, digital marketing and technology Solutions Company.

Others are Portland Paints and Product Nigeria Plc, Capital Oil Plc (CAPOIL), Hallmark Paper Products Plc and Oando Plc Staff Equity Participation Share Scheme.

However, African Alliance, whom from reports had also applied for listing following a Private Placement (PP) conducted early Second Quarter (Q2) of year 2008, was missing from the list of issues to be listed on NSE trading Floor.

The Source affirmed to Proshare NI that the Life Insurance Company applied to list its shares and feelers from the Exchange confirmed that it would likely have its application approved.

“I wonder why their name was not mentioned as one of the approved companies to list on the Exchange” the Source affirmed.

Last year, in its bid to find out more about the African Alliance Placement, Proshare NI visited Unex Capital Limited (UNEX); who were Issuing House to the Placement.

Proshare NI gathered from a source at UNEX that 1, 000,000 units was the minimum application for the Placement at N2.00 per share.

“With your N2.0 million you will fill our form and we allocate one million units to you” the source said.

Prior to this time, when Proshare NI filed its earlier report on the African Alliance Placement; it could not get the Placement Memorandum from Unex Capital the Issuing House to the placement or get further details on it.

However, as at the time of filling in this report, Proshare NI could not also gather more details from the company or from officials of the Stock Exchange; the reason its application was yet to be approved.

As earlier reported, African Alliance was acquired 50 percent (50%) contrary to the earlier reported 100 percent (100%) by the new Universal Insurance Company Limited (UNISURE) to handle the Life aspect of its operations.

Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Investors NewsBeat

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014