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Afromedia finally set to list N11.783 bn on Stock Exchange



Proshare NI
May 13, 2009 at 15:52 GMT
Afromedia Plc, a pioneer and leading out-of-home media company is finally set to list N11, 783,652,136.44 worth of shares on the Floors of the Nigerian Stock Exchange (NSE) in Lagos Nigeria.
The company would be listing 4,035,497,307 Ordinary Shares of 50 Kobo each at N2.92 per share on Monday May 18 2009.
This is coming on the heels of its earlier concluded N3.0 billion Private Placement (PP). The Placement closed on May 30 2008 as contained in the Placement Memorandum which means that the company is listing about a year after concluding the fund raising.
Afromedia had earlier promised to list three (3) months after the Placement was completed.

As earlier reported, Joint Issuing House to the transaction can guarantee allotment to investors that subscribe through BGL. The Private placement closes this week, on the 30th of May, 2008.
Also, the company early October 2009 announced it has put in place a new Board of Directors (BOD). This new board has its Chairman as Onaolapo Soleye, former Minister of Finance, Akin Olopade, as Group Managing Director, (GMD), Patrick Nwabunie, Group Deputy Managing Director, (GDMD) Sunday Shadrach Nwachukwu, Group Finance Director, (GFD) Mohammed Gobir, Non-Executive Director and Alex Amorighoye, also a Non-Executive Director
In the same vein, Afromedia started as part of the UACN group in 1929, and is one of the most experienced out- of- home advertising agencies in Nigeria today, with a vision to be the preferred choice in the Out of Home media industry in Nigeria and West-Africa.

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