Access Bank, UBA, Lafarge Africa and Selat Petroleum Development Company yesterday listed shares worth N1.491 billion on the Nigerian Stock Exchange (NSE) Premium Board.
A breakdown shows that Access Bank, UBA, Lafarge Africa and Seplat listed N347.12 billion, N374.48 million, N378.60 billion and N391.37 billion respectively.
The four companies’ sequel to then applying and meeting NSE listing requirements for the board. Other companies listed on the premium board include Dangote Cement, Zenith Bank and FBN Holdings who were migrated to the board in 2015.
The premium board is the listing segment for an elite group of issuers who have met the Exchange’s most stringent corporate governance and listing standard. The premium platform provides a platform for showcasing companies who are industry leaders in their sectors. It also gives a company access to a global pool of investors who are particularly about companies managed to conformity to the highest standards in their target markets.
Speaking at the listing event on the NSE, chief executive officer of the Exchange, Mr. Oscar Onyema, said, “This migration affirms the strides our listed companies are making towards meeting the highest standards of corporate governance and underpins the robustness of our market.
The new companies have consistently demonstrated their inherent values to be globally competitive brands and we congratulate them on the attainment of this migration.”
He added that “companies on the board are already enjoying the highest levels of visibility and appeal to investors looking for large companies with highest standards of corporate governance.
“From inception to date, the Premium Board Index continues to outperform the benchmark NSE ASI with the Premium Board recording a total return of 84.99% versus the NSE ASI’s 41.79 per cent as at April 11, 2018. The Premium Board’s performance continues to reinforce the sentiments of both foreign and domestic investors on the importance of corporate governance and sustainability.”
The managing director/chief executive officer of Access Bank, Mr. Herbert Wigwe said, “Access Bank is pleased to have attained this status. We have always adhered to international corporate governance best practices, which is line with our aspiration to become Africa’s gateway to the World.”
To be listed on the Premium Board of the NSE, the aspiring companies must attain a minimum market capitalisation of N200 billion as at the date of application, a minimum score of 70 per cent on the Corporate Governance Rating System (CGRS), and maintain a minimum free float of 20 per cent of their issued share capital or a free float value equal to or above N40 billion, as well as meet other standard listing criteria. Recall the NSE Premium Board and the associated Premium Board Index were launched on August 25, 2015.
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