Access, Lafarge, Seplat, UBA to migrate to NSE Premium Board
The Nigerian Stock Exchange (NSE) will on Monday April 16 migrate Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc to the Premium Board.
The admission of these companies to the Premium Board listing segment for the elite group of issuers implies that they have met the Exchange’s most stringent corporate governance and listing standards.
They will be joining the likes of Dangote Cement Plc, FBN Holdings Plc, and Zenith International Bank Plc already on the Premium Board.
The Board is a platform for showcasing companies who are industry leaders in their sectors. Premium Board features companies that adhere to international best practices on corporate governance and meet the Exchange’s highest standards of capitalisation and liquidity.
Access Bank Plc currently has a market capitalization in excess of N347.135billion with shares outstanding of 28.927billion units. The share price stood at N12 as at April 10, 2018.
Lafarge Africa Plc with share price at N41 as at April 10, 2018 has a market capitalisation in excess of N355.610billion and shares outstanding of 8.673billion units.
Seplat Petroleum Development Company Plc priced at N665.1 as at April 10, 2018 is valued at N391.374billion on the Nigerian bourse, with outstanding shares of 588.44million units.
The equity value of United Bank for Africa Plc is N405.263billion at N11.85per share as at Tuesday April 10, 2018. The bank’s outstanding shares are 34.199billion units.
A Premium Board listing gives a company access to a global pool of investors who are focused on companies managed in conformity to the highest standards in their target markets.
The NSE requires that companies seeking admission to its Premium Board should satisfy one set of Listing Standards for the NSE Main Board, as well as comply with the following: meet the minimum market capitalisation requirement of N200 billion on the date The Exchange receives its application (or at the time of listing – for new listings).
Also, the company must be evaluated under the NSE’s Corporate Governance Rating System (CGRS) and achieve a minimum rating score of 70percent.
The company must satisfy either: a minimum free float requirement of 20percent of its issued share capital, or the value of its free float shares is equal to or above N40billion on the date the Exchange receives its application to list.
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