Capital Market | |
Capital Market | |
7797 VIEWS | |
![]() |
Thursday, April 12, 2018 /05:30PM/NSE
The Nigerian Stock Exchange (NSE) is
pleased to announce it will be migrating Access Bank Plc, Lafarge Africa Plc,
Seplat Petroleum Development Company Plc and United Bank for Africa Plc to its
Premium Board on Monday, April 16, 2018 sequel to them applying and meeting the
Exchange’s listing requirements for the board.
The Premium Board is the listing segment
for the elite group of issuers that meet the Exchange’s most stringent
corporate governance and listing standards. The Board is a platform for
showcasing companies who are industry leaders in their sectors. Premium Board
features companies that adhere to international best practices on corporate
governance and meet the Exchange’s highest standards of capitalization and
liquidity. The Board gives a company access to a global pool of investors who
are focused on companies managed in conformity to the highest standards in
their target markets.
Access Bank Plc, Lafarge Africa Plc,
Seplat Petroleum Development Company Plc and United Bank for Africa Plc have
all passed the Corporate Governance Rating System (CGRS) and have market
capitalisation of N347.12bn, N378.60bn, N391.37bn and N374.48bn respectively.
They will join Dangote Cement Plc, FBN Holdings Plc, and Zenith International
Bank Plc who were migrated to the Premium Board in 2015, bringing the total
number of companies on the Board to seven.
Commenting on the development, Chief
Executive Officer, NSE, Mr. Oscar N. Onyema, OON said, “This migration affirms
the strides our listed companies are making towards meeting the highest
standards of corporate governance and underpins the robustness of our market.
The new companies have consistently demonstrated their inherent values to be
globally competitive brands and we congratulate them on the attainment of this
migration”.
“Companies on the Board are already
enjoying the highest levels of visibility and appeal to investors looking for
large companies with highest standards of corporate governance. From inception
to date, the Premium Board Index continues to outperform the benchmark NSE ASI
with the Premium Board recording a total return of 84.99% versus the NSE ASI’s
41.79% as at 11 April 2018. The Premium Board’s performance continues to
reinforce the sentiments of both foreign and domestic investors on the
importance of corporate governance and sustainability”, he added.
To be listed on the Premium Board of The
NSE, the aspiring companies must attain a minimum market capitalization of
N200bn as at the date of application, a minimum score of 70% on the Corporate
Governance Rating System (CGRS), and maintain a minimum free float of 20% of
their issued share capital or a free float value equal to or above N40 billion,
as well as meet other standard listing criteria.
Recall the NSE Premium Board and the
associated Premium Board Index were launched on Tuesday, August 25, 2015.
Related News
1. Proposed
Cross Border Listing Rules and Amendments to Premium Board Rules
2. Stocks
Listed on NSE Premium Board Trade in the Negative - TNI Q4/E10
3. Market
Witnesses Another Landmark as NSE Launches Premium Board –A Bovespa
Concept–Aug’15 SSS Report
4. The Launch
of the NSE Premium Board and Its Tracking Index - TNI Q3/E9
5. NSE
Launches Premium Board; Introduces Premium Board Index
6. US SEC
Enforcement Division Issues Report On Priorities and FY 2017 Results
7. Vacant: New
Position of Chief Risk Officer Created in US SEC.
8. The
Dodd-Frank Inflection Point: Building On Derivatives Reform
9. SEC Nigeria
says it has robust rules, to attract key listings in the Nigerian capital
market
10. CBN Extends
Settlement Banking Arrangement to All Clearing Sessions Effective January
1, 2018
11. SEC
Proposes New Rule on Green Bonds and Sundry Amendments to Its Rules
12. CBN Non-Oil
Export Stimulation Facility (NESF) Guidelines
13. IOSCO
Reports On Implementation of G20 - FSB Recommendations To Strengthen
Securities Markets
14. Notification
of Effective Dates of Rules of The NSE - Pricing Methodology and Par Value
Rules