Monday , July 22 2019
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Notore’s N1.6bn debut shares listing lifts NSE Cap with N128bn

To further support the Federal Government’s effort at deepening the capital market, the Nigerian Stock Exchange (NSE) yesterday, listed 1.61 billion shares of Notore Chemicals Industries Plc.

“This listing by Introduction of 1.61 billion ordinary shares of Notore Chemicals Industries Plc at a listing Price of N62.50 per share which also lifted the NSE capitalisation by N128 billion, was a culmination of several months of hard work by all parties to the transaction including the Securities and Exchange Commission and The Exchange. This listing has added N100.75bn (N100, 754,137,500) to the market capitalisation of The Exchange and further deepening the Nigerian Capital Market.

The shares of Notore’s closed Thursday’s trading session at N13.391 trillion.

Speaking at the event which held in Lagos, Chief Executive Officer, NSE, Oscar Onyema, noted that Notore Plc remains the primary supplier of fertilizer for the ongoing Anchor Borrowers’ Program (ABP) and has contributed significantly to the Agricultural Transformation Agenda of the Federal Government.

He said the listing of the company’s shares was a major development in the country’s agro-allied and petrochemical sector while encouraging more local players to explore the different opportunities in the capital markets to raise long term funds.

“We are pleased that Notore Chemicals Industries Plc has taken this strategic step to join the Main Board of the Exchange and in so doing, the prestigious club of quoted companies in Nigeria. This step indicates the firm’s belief that our platform remains a veritable avenue for raising capital and enabling sustainable national growth,” Onyema said.

Also speaking, Group Managing Director, Notore Chemical Industries Plc, Onajite Okoloko, expressed delight with the development and added that with its listing, the company has achieved the objectives that include supporting the government’s effort at deepening capital markets, increasing the company’s visibility and credibility in the Nigerian market and granting Nigerians the opportunity to participate in Notore’s growth story.

Okoloko revealed that the firm has successfully secured $37 million funding to execute its Fertilizer plant and will embark on a Turn Around Maintenance (TAM) programme which is aimed at restoring the daily production capacity of urea fertilizer to 1,500 mtpd design production capacity by September 2019.

 

About Lanre Oyetade

A multiple award winner in Economics and business journalism, Lanre Oyetade has served close to two decades in the media industry, spanning different notable stables, where he is privileged to have risen to the position of a title editor. A masters degree holder in Economics from the University of Lagos and doctoral student at the Babcock University, he is a winner of the prestigious NMMA Capital Market Award for two consecutive years (2004 & 2005), and was also a nominee for the body’s banking and finance and money market awards for two years. In 2013, he also won the Most Outstanding Business-Reporting Title Editor award of the National Institute of Marketing of Nigeria (NIMN). A minister in the LORDS’s vineyard, he has been an inspirational speaker and resource person at many corporate and religious fora since early 2004, and has so far authored three books on the capital market; on personal effectiveness, and on personal finance, in 2008 and 2014, respectively.