The Nigerian Exchange Limited, on Wednesday, announced the listing by the introduction of Geregu Power Plc, which is chaired by billionaire businessman, Femi Otedola, to the Main Board of The Exchange.
The Nigerian Exchange Limited (NGX) yesterday, admitted Geregu Power Plc (GPP) into the its Main board by way of listing by Introduction (LBI) with the admittance of 2.5 billion ordinary shares of 50 kobo each at N100 per share.
Geregu Power, a leading power generation company (GenCo) in
Nigeria, is the first electricity company to be listed on the NGX Main Board, a
listing segment for well-established companies with demonstrable records of
accomplishments.
The listing of Geregu’s shares has added N250 billion to the
market capitalisation of NGX, further
boosting liquidity in the Nigerian capital market and providing
opportunities for wealth creation.
However, amid high investors’ demand, Geregu Power’s stock
gained 10 per cent which amounts to N10 on its first trading day on the NGX to
close at N110 per share from N100 per share it was listed by introduction.
The gain pushed its market capitalisation to N275 billion
from the N250 billiion it was listed.
The power generation company
traded 8.5 million volume of shares at N935 million in one day as its
listing further boosted liquidity in the Nigerian capital.
To mark the significance of the listing, a closing gong
ceremony was being planned for the last week of October 2022.
Speaking on the listing, the chairman of Geregu Power, Mr.
Femi Otedola, stated that, “the listing of the company was the actualization of
a vision to bring world-class standards in governance, sustainability, and
business processes to the Company and the Nigerian electricity sector.”
He added that, “listing on the main board of the Exchange
will ensure that the long-term growth of the company is assured and its
benefits will be passed on to our esteemed shareholders.
Speaking on the development, chairman, NGX, Mr. Abubakar
Mahmood said: “we are particularly pleased that Geregu Power has joined the
prestigious group of companies listed on our main board, which will
differentiate it as a professionally run power company with high standards,
having met NGX’s listing criteria.
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