Sep. 07, 2010
Barely a week after it considered eight applications for listing, The Council of The Nigerian Stock Exchange, through its Quotation Committee, today approved three applications worth N2.1trillion for listing. The applications were for merger, bond and placing.
· Application for listing of an enlarged company arising from merger of Dangote Cement Company Plc with Benue Cement Company Plc has been endorsed by the Council. A total of 15,494,019,668 Ordinary Shares of 50k was approved at N135.00 each. The new entity is now known as Dangote Cement Company Plc. Afrinvest (West Africa) Ltd introduced the issue.
· UACN Property Development Company Plc’s application for listing of N15 billion Fixed Rate Unsecured Non-Convertible Bond due in 2015 (Series1) under a N30 Billion Debt Issuance Programme. The application was introduced by Stanbic IBTC Stockbrokers Ltd.
· Application for listing of a Special Placing of 2,327,485,380 Ordinary Shares of 50k each at N1.71 kobo per share of Great Nigeria Insurance Plc to Wema Asset Management limited. The application was introduced by Independent Securities Ltd.
Meanwhile, Incar Nigeria Plc’s application for approval to de-list the company’s shares from the Daily Official List was equally approved. The company sought the de-listment in order to refocus its operations. The application was introduced by Northbridge Investment and Trust Limited.
Head, Corporate Communications