NSE approves more offers, listing

The Nigerian Stock Exchange (NSE) Quotations Committee of Management (QCM) has considered and approved new instruments which will later be listed on the Daily Official List.
The NSE approved The Initiates Plc listing by introduction of 889,981,552 ordinary shares of 50k each on the Alternative Securities Market (ASeM) Board at the price of N0.85 per share.
Planet Capital Limited is the Stockbroker while Planet Capital Limited and Partnership Securities Limited serves as the Issuing House/Financial Adviser.
The NSE also approved Stanbic IBTC Asset Management Limited Initial Public Offering (IPO) of 5,000,000 Units of The Stanbic IBTC Dollar Fund (The “Offer”) at $1 each. Stanbic IBTC Stockbrokers Limited is the stockbroker to the memorandum listing while Stanbic IBTC Capital Limited is the Issuing House/Financial Adviser.
Also approved by the NSE is the Lafarge Africa Plc listing by acquisition of 413,175,709 ordinary shares to acquire 50% stake in Egyptian Cement Holding B.V. Pilot Securities Limited is the Stockbroker to the transaction while Chapel Hill Advisory Partners Limited is the Issuing House/Financial Adviser.
The Exchange had early last month approved the block divestment of 2,870,614,035 ordinary shares in Great Nigeria Insurance Plc currently held by WEMA Asset Management to Insurance Resourcery and Consultancy Services Limited. Greenwich Securities Limited acted as the stockbroker to the transaction.
Also, approved last month was Standard Alliance Insurance Plc placing of 2,212,046,824 ordinary shares of 50k each at 50k per share. While PAC Securities Limited acted as the stockbroker to the transaction, Planet Capital Limited was the Issuing House/Financial Adviser.