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Wednesday, November 18, 2020 / 5:03 PM / by NSE / Header Image Credit: Twitter; @nsenigeria
The
members of The Nigerian Stock Exchange (NSE or The Exchange) voted
overwhelmingly today at its 59th Annual
General Meeting (AGM) - a meeting which is expected to be its last as a mutual
entity - to support the listing of the Nigerian Exchange Group Plc (NGXG) on
the Nigerian Exchange Limited (NGX) once the demutualization of the NSE is
completed. Under the resolution passed by the AGM, subject to the receipt
of requisite approvals of relevant regulatory authorities, following the
conversion and re-registration of NGXG, the Group is authorized to
undertake a listing by introduction of its shares on NGX. Consequently, the NSE
will no longer be wholly owned by its dealing and non-dealing members.
The AGM was convened to consider
ordinary and special business as outlined in the widely published notice of the
meeting. Some of the other key resolutions unanimously approved at the AGM
included:
Today's
vote clears the way for the listing of NGXG and for a new structure that will
enable The Exchange to realize its vision of becoming Africa's leading exchange
hub. NGXG Plc will be expected to realize all the benefits of
demutualization for its stakeholders and the capital market at large.
Otunba
Abimbola Ogunbanjo, President of the National Council of The Nigerian Stock
Exchange said, "The National Council welcomes the strong endorsement by the
members of The Exchange for our listing plans. On behalf of the
Council we wish to thank The Exchange's management for their outstanding work
in the previous year, when they have faced unprecedented challenges such as the
Coronavirus pandemic. It is a tribute to their efforts that The Exchange has
continued to work effectively and at the same time has made significant
progress in pursuing its strategic development through listing and other
steps".
Mr.
Oscar N. Onyema, OON, Chief Executive Officer (CEO) of the NSE who is the Group
CEO of NGXG Plc Designate for the new structure, said: "We would like to thank
the membership of The Exchange for their overwhelming support of
the listing plans. This marks the beginning of The Exchange's
transformation into a listed company with flexibility to raise additional
equity and/ or debt capital. It is our aim that under this new structure, the
Nigerian capital markets will be able to play a role that is commensurate with
Nigeria's status as Africa's biggest economy. We believe we can become a
financial hub for Africa and with the backing of our stakeholders and their
continued use of our services this objective
can become a reality".
You
will recall that the NSE's demutualization was unanimously
approved by its members at its court ordered meeting held in March 2020.
The demutualization of The Exchange is subject to the approval of the
Securities and Exchange (SEC) of Nigeria, which is expected imminently.
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