Exchange lists e-Tranzact's 4.2b shares



The Nigerian Stock Exchange (NSE), yesterday, admitted into its daily official list, the 4.2 billion ordinary shares of eTranzact-International Plc by way of introduction.

The company's 4.2 billion ordinary shares of 50 kobo each were listed in the Information Communication and Telecommunication (ICT) sub-sector at the rate of N4.80 per share.

With the admission of the company's shares into the daily official list, the number of listed equities on the floor of the Nigerian Stock Exchange (NSE) increased by one.

At the close of transactions yesterday, the company exchanged 720,000 shares worth N3.58 million thus forcing it's share price to rise by 24 kobo to close at N5.04 per share from N4.80 at which it was listed.

Speaking at the listing of the company's shares in Lagos, yesterday, the Managing Director of the company, Mr. Valentine Obi, said that the listing of the company's shares was borne out of the need to enhance its expansion exercise and enable access of the public to transactions on the Exchange through online transactions.

According to him, "Nigeria presently has over 60 million mobile telephone users and less than 20 million of the populace with bank accounts. Hence, there is a need to bridge the gap between the number of people who have access to online transactions and the service providers."

"There is a need to increase the number of people using the electronic platform in order to enhance transactions. The market potential is huge and we hope to reduce the risk involved when people conduct transactions with cash. With the current trend and manner in which fraudsters are perpetrating their acts, it has become a necessity to discourage cash transactions," he added.

On the introduction of the electronic offer otherwise known as the e-offer, Obi said that the company is working towards enhancing the services offered by the Nigerian Capital market through the electronic offer.

He explained that the electronic offer technology which is presently being tested by the company, when fully operational, will enhance investors' subscription for companies' offers and services provided by the NSE.

Obi added that although the electronic dividend or e-dividend has already been adopted by some companies' registrars, the e-offer will further enhance collation and allotment of shares to investors.

On the safety of transactions on its portal, he said that the company has introduced a product in the market, 'Etranzact strong Authentication (ESA), to protect Customers' pins, automated teller machine cards and banks' online transactions.

On its financial projections, Obi noted that the company will maintain a momentum rose in its revenue, as its prepares to introduce more products that will enhance transactions in the financial industry.




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