The Nigerian Exchange Limited, on Wednesday, announced the listing by the introduction of Geregu Power Plc, which is chaired by billionaire businessman, Femi Otedola, to the Main Board of The Exchange.
Geregu Power, a leading power generation company in Nigeria, becomes the first GenCo to be listed on the NGX Main Board, a listing segment for well-established companies with demonstrable records of accomplishments.
The PUNCH reports that a total of 2.5 billion ordinary shares of Geregu were listed at N100 per share, under the Utility sector and Electric Power Generation sub-sector of the NGX, with the trading symbol, GEREGU.
According to The Exchange in a statement made available to The PUNCH, the listing of Geregu’s shares has added N250,000,000,000 to the market capitalisation of NGX, further boosting liquidity in the Nigerian capital market which aims to provide opportunities for wealth creation.
Reacting to the development, Chairman, NGX, Abubakar Mahmood, expressed hopes that other power-generating companies would follow in Geregu’s steps to get listed on The Exchange.
“We are particularly pleased that Geregu Power has joined the prestigious group of companies listed on our Main Board, which will differentiate it as a professionally run power company with high standards, having met NGX’s listing criteria.
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“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.”
The Chairman, Board of Directors, Geregu Power Plc, Femi Otedola, stated that the company’s listing would bring world-class standards and processes to the electricity sector.
“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.
“Listing on the Main Board of the Exchange will ensure that the long-term growth of the company is assured and its benefits will be passed on to our esteemed shareholders,” he added.