NSE Migrates Access Bank, Lafarge, Seplat And UBA To Premium Board On April 16

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