By OLUSHOLA BELLO, Lagos –
Global Spectrum Energy Services (GSES) Plc, an indigenous oil and gas services company, said it had concluded arrangements for the listing of its 800 million shares on the Nigerian Stock Exchange (NSE).
The company will list on the NSE tomorrow, November 27, 2017 following the approval granted the integrated marine and oil and gas services firm by the Council of the Exchange, which will pave the way for investors in the company to trade their shares on the secondary market.
Accordingly, GSES will, in the process, list its entire 800 million issued and fully paid-up ordinary shares of 50 kobo each, offering good investment opportunity to discerning investors.
The admission of the company into the official list of the Exchange, which is through a process of Listing by Introduction on the main board, will further deepen the stock market as well as open the flood gate for the general public to participate in the ownership of the company as the shares become tradable on the Exchange.
According to the company, the listing of GSES is a major feat that makes a strong statement on the strength of the company to have been granted the approval given the very tough conditions that have to be met in line with the rules of the Exchange.
Most importantly, the company noted that it became imperative for GSES to seek listing in view of its rather ambitious expansion plans which derives from very huge untapped opportunities in its very specialised area of operation.
In the short to medium term, the company said it has a well-laid down plan to expand its business into the areas where it had already made significant initial investments. The areas of focus include gas production, establishment of steel plant for the production of pipes and allied products, as well the establishment of a lube plant for lubricants.
According to the company, GSES has since it commenced operations in 2009 maintained a continuous stream of profitability having not recorded any loss over the entire period.
It also noted that the company carries no debt liabilities as it has been able to fund its operations with revenue from its operations.
Global Spectrum Energy Services Plc was incorporated 2006 as a Private Limited Company. It commenced operations in 2009.
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