BGL Plc, one of Nigeria's leading financial management and advisory services companies is preparing to list its shares on the Nigerian Stock Exchange (NSE), THISDAY checks have revealed.
BGL became a public company in 2008 but is yet to list its shares on the NSE. However, market sources hinted that the company is preparing to list on the NSE. As a result, the directors are asking for the approval of shareholders to list the shares.“An Extraordinary General Meeting (EGM) has been scheduled to hold in Lagos on May 7 to get the approval of the shareholders in that regard,” a source said.
Apart from authorising the directors to list the shares of the company in the stock market, the source added that the company is also seeking further capital injection into its operations.“The funds would be raised through the allotment of 3.0 billion shares of the company either by Rights Issue or by way of Special Placement to identified investors at a price to be determined by the board,” the source explained.
At the company's inaugural Annual General Meeting (AGM) held last year, the Chairman, Dr. Kalu Idika Kalu, said that the company's assets base as at year ended June 30, 2008 was N89 billion.Shareholders' funds rose by 193.65 per cent to N50 billion from N17 billion in 2007.Kalu assured shareholders that the company would continue to build an excellent operational platform, using the right people, processes, structure and technology. He added that BGL would also seek technical alliances with foreign and local banks and firms in asset management, fund management, private equity, real estate, insurance and research amongst others.
“We have become even better positioned to take advantage of emerging opportunities in both the public and private sector arising from capital raising and on-going branding exercises. Given current market conditions, our rivals may find it even more onerous to enhance their capital base than we have," he said.
BGL Plc, formerly known as Banc Garanti Limited, was incorporated in May 1993 and commenced operations as an investment banking company in May 1995. BGL is registered with the Securities and Exchange Commission (SEC) as an Issuing House, Investment Adviser and Portfolio Manager. BGL's wholly owned stock-broking subsidiary, BGL Securities Limited is a dealing member of the Nigerian Stock Exchange (NSE) and registered by the SEC as a Broker/Dealer and lssuing House.
In July 2008, BGL launched two new subsidiaries - BGL Asset Management and BGL Private Equity Limited to join the already existing BGL Securities Limited. According to the Group Managing Director of BGL, Mr. Albert Okumagba, “this strategic initiative is aimed at positioning ourselves to respond better to the peculiar needs of our market.”