Vincent Ezenagu
The Nigerian Exchange on Wednesday listed Geregu Power Plc on its main board with 2.5 billion ordinary shares at N100 per share under the utilities sector and electr power generation sub-sector of NGX.
Geregu Power, with the trading symbol, GEREGU, is a power generation company (GenCo), the first to be listed on the main board of the NGX.
The main board is a listing segment for well-established companies with demonstrable records of accomplishments.
The exchange said the listing of Geregu’s shares had added N250 billion to the market capitalisation of NGX, would further boost liquidity in the Nigerian capital market and provide opportunities for wealth creation.
Chairman, NGX, Mr Abubakar Mahmood, said, “We are particularly pleased that Geregu Power has joined the prestigious group of companies listed on our main board.
“This will differentiate it as a professionally run power company with high standards, having met NGX’s listing criteria.
“A main board listing is a sign of commitment to strong corporate governance, excellence, professionalism, efficiency in service delivery, and providing increased returns to shareholders.
“It is our expectation that the Geregu Power listing will encourage other power generation and distribution companies to list their shares on the Exchange, thereby opening the sector up to cheaper, long-term capital that will boost infrastructural development and value creation.”
On his part, the Chief Executive Officer, NGX, Mr Temi Popoola, said, “Today’s listing is a promising development in the country’s power sector and we are delighted to welcome Geregu Power Plc to the Exchange.
“Having Geregu listed in our market is proof of NGX’s commitment to building a robust and inclusive market and creating avenues for sustainable investment.
“This listing will enhance liquidity for Geregu, increase its visibility among global investors, elevate its value and boost transparency, as our marketplace is a sterling platform for raising capital and enabling sustainable growth for national development.
“As a listing platform of choice, we are committed to working with companies at various stages of growth to explore the different opportunities in the capital market to meet their business objectives.”
Speaking on the listing, the Chairman, Board of Directors, Femi Otedola, stated that, “the listing of the company was the actualisation of a vision to bring world-class standards in governance, sustainability, and business processes to the company and the Nigerian electricity sector.”
He added that “listing on the main board of the exchange would ensure that the long-term growth of the company is assured and its benefits would be passed on to our esteemed shareholders.
“The NGX continues to evolve to remain an attractive destination for issuers, competitiveness.”