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UPDATE 1-Nigerian stock exchange wins approval for public listing

Published 10/03/2021, 13:55
Updated 10/03/2021, 14:00
© Reuters.

(Adds quote, details)
By Alexis Akwagyiram
LAGOS, March 10 (Reuters) - The Nigerian stock exchange said
on Wednesday it has won regulatory approval paving way for a
public listing of its shares.
The exchange, the second biggest in sub-Saharan Africa and
one of the main entry points to invest on the continent, has
around 200 listed companies, all included in its benchmark share
index.
It began changing its ownership structure from a mutual
company of stockbrokers in 2017, adding new shareholders in a
process known as "demutualisation".
The exchange has received approval for the listing from the
Nigerian Securities and Exchange Commission. It said it has
re-registered as a profit-making entity, owned by shareholders,
called the Nigerian Exchange Group Plc, with a share capital of
1.25 billion naira ($3.28 million). It had been operating as a
not-for-profit entity.
"We are elated that this milestone has been achieved ... and
now look forward to the future public listing of its shares on
NGX Limited," Nigerian Stock Exchange president Abimbola
Ogunbanjo said.
It has yet to set a listing price for the new entity, in
which stockbrokers will hold 78% of the shares. Ordinary members
will own the balance. The Nigerian Exchange Group Plc will not
be raising new cash from the listing.
Nigerian stocks .NGSEINDEX , rose 50% in 2020 to become the
world best performing market, fell 1.8% on Tuesday, to a 10-week
low, as yield-hungry investors eyed debt for
returns.



($1 = 381.0000 naira)

(writing by Chijioke Ohuocha; editing by Jason Neely and Jane
Merriman)

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