UPDC REIT gains 88.9percent subscription for Listing



July 01,2013/@Webtv-ng.com

The Nigerian Financial market has been buoyed by the prospects of a resounding investment boom in the housing sector, with the listing of the UPDC Real Estate Investment Trust fund.

This was the outcome of the ceremonial closing bell  ringing performed at the stock exchange, by the MD of UPDC Mr Hakeem Ogunniran accompanied by the fund manager for the REIT Mrs Mayowa Ogunwemimo.

It was also a new chapter for the  REIT as it applied for listing on the floor of the exchange.

 In his opening remark the CEO of the NSE commended  the UPDC for its contributions to the growth of the capital market.

Mr Hakeem Ogunniran described the subscription level since the REIT offer was  made as impressive announced that Mrs Mayowa Ogunwemimo of the FSDH will be  the fund manager.

Representative of the Stanbic IBTC securities  affirming  the viability of the REIT for listing, related  the unprecedented subscription level  2.658billion units from  the  3 billion units issued for N10.00 each,rated  an impressive performance for  the fund. 

Highlight of the event was the official listing of the REIT by the CEO of the NSE Mr Oscar Onyema and announcement that the fund initially traded over 5million units at 10.00  an impressive mark.

The event was also attended by Mr Ade Bajomo ED Market Operations,NSE and Mrs Taba Peterside,GM Listing NSE.  


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