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NGX Group lists 1.96 billion shares on exchange

Oluwasina Phillip

Nigerian Exchange Group Plc has listed its entire issued and fully paid 1,964,115,918 ordinary shares of 50 kobo each at N16.15 per share.

The Nigerian Exchange Limited said in its market bulletin on Friday that the shares were listed by introduction on its main board following the approval of the application to list the shares.

The Chief Executive of NGX Group, Mr Oscar Onyema, said during the digital closing gong ceremony on Friday that the listing had opened up new opportunities for the firm.

He said, “The demutualisation of the Nigerian Stock Exchange created the opportunity to restructure and reposition the organisation to achieve our expanded vision to be the preferred and premier exchange hub for Nigerian businesses and the wider African economy.

“The most significant benefit of our listing on the NGX exchange is the ability it gives us to drive inorganic growth as we add new subsidiaries and business lines that complement our business.

This new era is indeed very exciting for us and we look forward to many possibilities achievable from deepening our various partnerships.”

Meanwhile, the NGX said it would be re-launching its market-making programme as approved by the Securities and Exchange Commission in a bid to deepen liquidity in the capital market.

It said in a statement that the announcement came on the back of a review of its rules to provide the flexibility to implement diverse market-making programmes across all asset classes listed on the exchange.

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