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  • Capital Market, Viable Funding Source For SMEs – NSE

    Capital Market, Viable Funding Source For SMEs – NSE

    The Nigerian Stock Exchange has described the capital market as a viable source of funding for Small and Medium Enterprises, saying it continues to support the growth and development of small businesses in the country.

     

    It said in a statement that the most recent of these efforts was the webinar it hosted on Wednesday, with the theme ‘Capital raising for SMEs through the stock exchange’.

     

    The NSE said the webinar was hosted in collaboration with various trade groups/chambers of commerce in the Northern region of the country, and was headlined by the President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Hajia Saratu Iya Aliyu.

     

    Speaking at the event, the Divisional Head, Listings Business, NSE, Mr Olumide Bolumole, said, “The traditional role of The Exchange as a platform for capital formation and liquidity holds good promise for businesses.

     

    “Despite the impact of COVID-19, the NSE functioned to facilitate needed financing with over N2.5tn in capital raised by governments and corporates in 2020 across various asset classes.”

     

    On her part, the NACCIMA boss commended the National Council and management of the NSE for organising the webinar.

  • 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.”