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Nigerian Bags list N17.0 billion shares on the exchange




- Refunds N13 billion to investors



Proshare NI

April 09, 2008 at 17:11 GMT


Nigerian Bags Manufacturing Company Plc, (BAGCO), has listed shares worth N17.0 billion on the floors of the Nigerian Stock Exchange. Peter Lou, Managing Director (MD) of the company confirmed this to Proshare NI today in Lagos Nigeria at the floors of the Nigerian Stock Exchange (NSE).


This figure amounts to 4.350 billion ordinary shares of 50 Kobo each at N3.90 Kobo per share.


Lou, as at the time of filling in this report could not give further details on the shares of his company listed or furnish the current financial position of BAGCO to Proshare NI. “As chief Ukpabi said in the IPO document that is all the details” he said.


Binos Yaroe, General Manager (GM)/Head, Quotations and Listing at the NSE who represented Professor Ndi Okereke-Onyiuke, Director General (DG) of the exchange confirmed to investors that the company is not listing only shares it offered for sale during the its IPO.


“They are listing 4.350 billion units total shareholding, offer for sale precludes supplementary shares, if it were public offer, it would be an opportunity for the company to retain 25 percent of its oversubscription” Yaroe said.


Prior to this time Nigerian Bags came to the market to raise fresh funds by offering to members of the investing public 1.865 billion ordinary shares of 50 Kobo at N3.90 Kobo per share; which was about 700 percent oversubscribed. A statement Emmanuel Ukpabi, Vice Chairman (VC) of company confirmed to Proshare NI.


In the same vein, Bunmi Oguntoye, Registrar/Chief Executive Officer (CEO) of Meristem Registrars Limited, Registrars to the offer confirmed to Proshare NI at the Stock Exchange that the total amount of returned money to investors was worth N13.0 billion.


“We have returned the money to investors and the ones you can find with us, is for those who gave us instruction that they will come and collect it on their own” he said.







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