Partnership Inv. eyes fresh funds through a hybrid offer

Proshare

August 04 , 2008
 

-Aftermath of NSE new listing condition

PETER OBIORA

Proshare NI

August 04, 2008 at 19:08 GMT

Partnership Investment Company Limited may still approach the Nigerian Capital Market to raise fresh funds through a hybrid offer of Initial Public Offer (IPO) and Rights Issue. Victor Ogiemwonyi, Managing Director (MD) of the company made this affirmation to Proshare NI today in LagosNigeria.

Ogiemwonyi had confirmed to Proshare NI that it is as a result of the new listing condition adopted by the Nigerian Stock Exchange (NSE) as regards listing prices of companies that had earlier raised funds; that has prompted Partnership Investment to still want to approach the market for further fresh funds.

“It is because of the new conditions of listing; that is restricting price; we are going to the market directly to price our stocks.

This is coming on the heels of the company’s earlier promise to list its shares come August at the price of N4.00 following a Private Placement (PP).

He argued against the issue of pricing as regards the new law by the NSE that companies would henceforth begin to list at prices which they raised funds.

“If you look at the companies that listed lately, they were all listed at different prices” he affirmed.

“Partnership Investment is going straight to do an IPO, at the rate of N4.00 which is what we have promised we would list our shares” he said.

He further affirmed that Partnership Investment cannot afford to fail its investors concerning their investment in the company.

Ogiemwonyi affirmed that Partnership Investment would do a very short IPO for about two weeks to be able to make its listing.

He however, confirmed that 750 million shares of the company would be offered to investors.

A breakdown of this he affirms would be 250 million units for Rights Issue and 500 million units for IPO respectively.

He confirmed to Proshare NI that Partnership Investment has about 3,000 shareholders and would not wait to list its shares. “No matter the situation, before the end of the year, we are going to get listed” Ogiemwonyi affirmed.

Though he could not confirm specifically when the hybrid offer would open, “we cannot confirm it now; because we have to get the approval of regulatory authorities first, but we believe that we would get it before the end of August 2008” he said. 

Between February and March 2008 the company sought to raise N3.0 billion by offering 1.5 billion ordinary shares of 50 Kobo each at N2.00 per share.

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