Wednesday 01 September 2010
- Culled from The Guardian The council of the Nigerian Stock Exchange (NSE) through its quotation
committee on Tuesday approved for listing, issues worth N74.302 billion
for six companies, one financial instrument, Ebonyi State Government and
Kaduna State Government. According to NSE in a statement issued last night, the approval is
expected to further deepen transactions in Nigerias capital market.
Ebonyi State Government Bond Offerings of N20 billion Fixed Rate Development
Bond 2010/2015 was approved at N1, 000 each at par at 14 per cent.
Specifically, the bond is for repayment of outstanding bank facilities as well
as funding of the state infrastructural development initiatives. A Consortium
of four stockbrokers led by Cowry Assets Management Limited are the joint
stockbrokers to the issue.
In related development, the council also endorsed Kaduna State Governments
application for Offer for Subscription of N8,500,000,000 12.5 per cent Fixed
Rate Bond 2010/2015 of N1,000 each at N1,000 per bond.
Explaining further, the statement signed by NSE Head, Corporate communications
, Mr Sola Oni said Geo-Fluids plcs listing by Introduction of
3,991,563,298 ordinary shares of 50 kobo each at N5.00 per share and BGL Funds
Limited Initial Public Offering for Nubian and Sapphire Funds of 500,000,000
and 2,000,000,000 units at N1.00 at par respectively also got the endorsement
of the council. Others include Tantalizers plcs placing of 261,627,907 ordinary
share of 50 kobo each at N0.86 per share of valued at N225 million with the
International Finance Corporation (IFC), Staco Insurance plcs Rights
Issue of 1,609,825,989 ordinary shares of 50 kobo each at par, Skye Bank plcs
placing of 1,750,000,000 ordinary shares of 50 kobo each at N7.00 per share
with 22 high networth and institutional investors, Wema Bank plcs placing of
3,096,189,286 ordinary shares of 50 kobo each at N3.00 per share with two
strategic investors and Deep Capital Management and Trust plcs Rights Issue of
750,000,000 Ordinary Shares of 50 kobo each at N1.00 per share.