NSE Approves N94bn Issues For Firms, Other Institutions

The council of the Nigerian Stock Exchange (NSE), through its quotation committee, has approved issues worth N93.555 billion for four companies, a state government and two financial institutions. 

NSE, had on Wednesday, announced that Bayelsa State government got the council’s approval for its offer for subscription of N50 billion Fixed Rate Development Bond 2016 of N1,000 each at par.

Specifically, the bond is to fund the state infrastructural development initiatives. A consortium of nine stockbrokers, led by FBN Securities Limited, is joint stockbroker to the issue.

NSE explained Thursday that the council also approved Unity Bank’s rights issue of 23,928,142,026 ordinary shares of 50 kobo each, at N1.00 per share.

It has provisional allotment of three new ordinary shares for every two held, as at the close of business on Tuesday, April 27, 2010.

The issue was introduced by APT Securities and Funds Limited; WSTC Financial Services Limited; and Newdevco Investment and Securities Limited. The issue, according to NSE, would shore-up the market capitalisation by N23.928 billion.

NSE Assistant General Manager and Head Corporate Communications, Mr Sola Oni, in a statement  said that Studio Press Nigeria Plc’s debt/equity conversion of 262,781428 ordinary shares of 50 kobo each at N1.40 per share, valued at N367.893 million, introduced by Anchoria Investment and Securities Limited, has also been endorsed.

Oni said: “Paints and Coating Manufacturers Plc had its listing by introduction of 792,914,256 ordinary shares of 50 kobo each at N3.90 per share approved.

This issue will inch up the market capitalisation of the Exchange by N3.092 billion and was introduced by Meristem Securities Limited.

“Also, Multi-Trex Integrated Foods Plc’s listing by introduction of 3,722,493,620 ordinary shares of 50 kobo each at N3.00 per share was approved. Its listing on the Exchange would add N11.168 billion to the market capitalisation.

“The listing by introduction of five billion ordinary shares of 50 kobo each at N2.00 per share of Sim Capital Alliance Value Fund, was equally endorsed by the council. IBTC Securities Limited introduced the issue”.

“Diamond Capital Balanced Fund’s application for the initial public offering and Memorandum listing of 50,000,000 units of N100 each at par also got the council’s nod,” Oni added.