The listing by introduction of Geregu Power Plc on the Main Board of The Nigerian Exchange Limited (NGX), today, added N250 billion to the market capitalization of the Exchange.
NGX said in a statement that the listing has further boosted liquidity in the Nigerian capital market and provided opportunities for wealth creation.
It said a total of 2.5 billion ordinary shares of Geregu were listed at N100 per share, under the Utilities sector and Electric Power Generation sub-sector of NGX, with the trading symbol, GEREGU, according to a statement from the Exchange.
Geregu Power, a leading power generation company (GenCo) in Nigeria, is the first GenCo to be listed on the NGX Main Board, a listing segment for well-established companies with demonstrable records of accomplishments.
Commenting on the development, Chairman, NGX, Abubakar Mahmood, was quoted to have said: “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.
“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.”
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.
On his part, the Chief Executive Officer, NGX, 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, Geregu Power, Femi Otedola, said: “the listing of the company was the actualization 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 will ensure that the long-term growth of the company is assured and its benefits will be passed on to our esteemed shareholders.”