Capital Market Archives — Page 3 of 3 — Business Bells

Business Bells

Category: Capital Market

  • Ecobank Group Recorded N630bn Revenue In 2020

    Ecobank Group Recorded N630bn Revenue In 2020

    Ecobank Group has said its revenue rose to N630bn in the 2020 financial year.

     

    This represents seven per cent growth when compared to N586.9bn posted in the corresponding period of 2019.

     

    In a statement titled ‘Ecobank Group posts N630bn revenue in 2020’, it disclosed this in its unaudited report submitted to the Nigerian Stock Exchange on Friday.

     

    The pan-African bank stated that value of its total assets now stood at N10.2tn after a 19 per cent rise.

     

    Ecobank said it also recorded good performance in other key financial indices despite the harsh operating environment.

     

    Summary of the report showed that deposits from customers went up by 23 per cent to N7.3tn; total equity up 17 per cent to N805.1bn; while loans and advances to customers grew by nine per cent to N3.7tn.

     

    However, it added, deposits from customers and revenue, profits were impacted by the provisioning for goodwill for the acquisition of Oceanic Bank in 2011.

     

    Consequently, it added, the bank ended with profit after tax of N35.9bn, while profit before tax and goodwill impairment closed at N126.4bn.

     

    The Ecobank Group had earlier stated that it was optimistic that with clean books aftermath of the full provisioning for Oceanic Bank, it would improve on its profitability in 2021 and other years ahead.

  • Transcorp Begins N10bn Rights Issue Listing

    Transcorp Begins N10bn Rights Issue Listing

    Transcorp Hotels Plc has commemorated the listing of its Rights Issue of 2,642,124,511 additional Ordinary Shares valued at N10 Billion on the floor of The Nigerian Stock Exchange.

     

    The listing was commemorated with a digital Closing Gong ceremony at the NSE where the Managing Director/Chief Executive Officer, Transcorp Hotels, Mrs Dupe Olushola, had the honour of bringing the day’s trading to a close.

     

    Speaking at the ceremony, the Chief Executive Officer, NSE, Mr Oscar Onyema, stated, “On behalf of the National Council and Management of the Exchange, I congratulate the board and management of Transcorp Hotels Plc for their laudable commitment towards the sustained growth of this reputable brand.

     

    “Transcorp Hotels Plc’s successful capital raise with a Rights Issue of 2,642,124,511 additional Ordinary Shares which was 99.3 per cent subscribed despite the prevailing macro-economic challenges is highly commendable.

     

    “At The Exchange, we remain committed to providing issuers with a platform that allows them to meet their strategic business objectives and it is our delight to see listed companies take full advantage of the NSE’s products and services to support their growth trajectory.”

     

    Olusola, on the hand, said, “I express my deep appreciation to the NSE, other regulators, market operators and of course, our shareholders for their support in the successful completion of our N10bn Rights Issue and listing of 2.64bn ordinary shares.

     

    “The past year has been a challenging one given the impact of the COVID-19 pandemic on the hospitality sector, and that Transcorp Hotels has not only survived but is firmly on the road to recovery is a testament of the efficacy of our initiatives and we thank you for your belief in us. Moving forward, we are optimistic about 2021 and we have begun the year in a strong position.

     

    “We will continue to deepen our share and expand our market leveraging best in class technology and providing the highest service standard across our locations.”

     

     

  • Niger Insurance Set To Offset N15bn Property To Recapitalise

    Niger Insurance Set To Offset N15bn Property To Recapitalise

    Niger Insurance Plc has disclosed that it plans to sell off real estate and investment property valued at N15bn.

     

    The underwriter said this would help to boost its cash flow and efforts to meet the recapitalisation requirements of the insurance industry.

     

    The Managing Director, Mr Edwin Egbiti, spoke during the company’s 2019 annual general meeting which was held virtually in Lagos recently.

     

    He said, “Subsequent to the requisite approvals of the board on behalf of shareholders, a number of the company’s real estate and investment property valued at N15bn have been put on sale in order to improve liquidity/cash flows, ensure reserve adequacy and improve solvency margins.

     

    “We are encouraged by the progress made so far, and confident that both capital restructuring and recapitalisation efforts will be successful in line with National Insurance Commission’s regulatory timelines.”

     

    In addition to addressing legacy claims, financial strength and reputational concerns, he said, it recognised that its people were the company’s most critical assets without whom its goals and plans would remain elusive.

  • NSE Admits 2.64 Billion Shares Of Transcorp Hotel

    NSE Admits 2.64 Billion Shares Of Transcorp Hotel

    The Nigerian Stock Exchange has listed 2.64bn ordinary shares of Transcorp Hotel Plc on the Daily Official List of the Exchange.

     

    According to a report obtained from the Exchange, the additional shares listed on the Exchange arose from the company’s rights issue of 2.66bn ordinary shares of 50 kobo each at N3.76 kobo per share on the basis of seven new ordinary shares for 20 ordinary shares held as at July 13, 2020.

     

    The rights issue was 99.34 per cent subscribed. With this listing of the additional 2.64 billion ordinary shares, the total issued and fully paid-up shares of Transcorp Hotel has now increased from 7.60 billion to 10.24 billion ordinary shares of 50 kobo each.

     

    Shareholders of Transcorp Hotels, owners of Transcorp Hilton Abuja and Transcorp Hotels Calabar, had recently authorised the Board of Directors to raise N10bn in its proposed rights issue to fortify its balance sheet.

     

    The approval given at the Extraordinary General Meeting of the company was to issue 2.66 billion ordinary shares of 50 kobo each by way of a rights issue to the shareholders based on seven new ordinary shares for every 20 ordinary shares of 50 kobo each held at a price of N3.76 per share.

  • Flour Mills Lists N29.8bn Bond on NSE

    Flour Mills Lists N29.8bn Bond on NSE

    Flour Mills Nigeria Plc has listed its tranche A and tranche B bonds on the floor of the Nigerian Stock Exchange.

     

    The listing was commemorated with a digital Closing Gong ceremony at the NSE.

     

    The Divisional Head, Listings Business, NSE, Mr Olumide Bolumole, said, “It has been a positive start to the Nigerian capital market in the new year and we are pleased to commemorate the listing of Flour Mills’ N29.8bn Tranche A and Tranche B Bond Issue, the final series under its N70bn Bond Issuance Programme.

     

    “As is our custom to celebrate significant milestones and accomplishments of our issuers, we also applaud and recognise the contributions of Mr Paul Gbededo who recently retired after 38 years of meritorious service and congratulate Mr (Boye) Olusanya on his appointment as the Group MD/Chief Executive Officer at the NSE, we remain committed to supporting the strategic objectives of our issuers, providing a platform for raising capital even in the toughest of times.”

     

    Olusanya stated, “We thank the NSE for hosting us at this virtual Closing Gong ceremony today and we are excited about the role The Exchange is playing in deepening secondary market activities in the Nigerian market in line with international best practice.

     

    “The issuance of the N29.8bn tranche A and B bond coincides happily with the 60th anniversary of Flour Mills Plc and fully utilises the N70bn programme registered in 2018. We will continue to explore opportunities to raise funds via the capital market as this has allowed us to diversify our funding sources whilst playing a critical role in the development of our market.”