Monday, April 16, 2018 /04:55 PM /
The Nigerian Stock Exchange (NSE) is pleased to announce it has migrated 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 have joined 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.
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