This listing has added N100.75bn (N100, 754,137,500) to the market capitalisation of The Exchange and further deepening the Nigerian Capital Market.
To further support the Federal Government’s effort at deepening the capital market, the Nigerian Stock Exchange (NSE) yesterday, listed 1.61 billion shares of Notore Chemicals Industries Plc.
“This listing by Introduction of 1.61 billion ordinary shares of Notore Chemicals Industries Plc at a listing Price of N62.50 per share which also lifted the NSE capitalisation by N128 billion, was a culmination of several months of hard work by all parties to the transaction including the Securities and Exchange Commission and The Exchange. This listing has added N100.75bn (N100, 754,137,500) to the market capitalisation of The Exchange and further deepening the Nigerian Capital Market.
The shares of Notore’s closed Thursday’s trading session at N13.391 trillion.
Speaking at the event which held in Lagos, Chief Executive Officer, NSE, Oscar Onyema, noted that Notore Plc remains the primary supplier of fertilizer for the ongoing Anchor Borrowers’ Program (ABP) and has contributed significantly to the Agricultural Transformation Agenda of the Federal Government.
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He said the listing of the company’s shares was a major development in the country’s agro-allied and petrochemical sector while encouraging more local players to explore the different opportunities in the capital markets to raise long term funds.
“We are pleased that Notore Chemicals Industries Plc has taken this strategic step to join the Main Board of the Exchange and in so doing, the prestigious club of quoted companies in Nigeria. This step indicates the firm’s belief that our platform remains a veritable avenue for raising capital and enabling sustainable national growth,” Onyema said.
Also speaking, Group Managing Director, Notore Chemical Industries Plc, Onajite Okoloko, expressed delight with the development and added that with its listing, the company has achieved the objectives that include supporting the government’s effort at deepening capital markets, increasing the company’s visibility and credibility in the Nigerian market and granting Nigerians the opportunity to participate in Notore’s growth story.
Okoloko revealed that the firm has successfully secured $37 million funding to execute its Fertilizer plant and will embark on a Turn Around Maintenance (TAM) programme which is aimed at restoring the daily production capacity of urea fertilizer to 1,500 mtpd design production capacity by September 2019.