Geregu Power Plc has informed the Nigerian Exchange Limited (NGX) and the investing public that the N40.09 billion Series 1 Fixed Rate Senior Unsecured Bond has been approved for listing on the FMDQ Securities Exchange.
According to a notice signed by Company Secretary Akinleye Olagbende, “as a result of the foregoing, the Bond will be added to the FMDQ’s daily quotations and Listings Page on the FMDQ Exchange website, after which the Bond shall be admitted for trading.”
Nigerian Exchange Limited (NGX) announced the listing of Geregu Power Plc (GEREGU) on The Exchange’s Main Board on Wednesday, October 5, 2022.
A total of 2.5 billion Geregu ordinary shares were listed on the NGX at N100 per share in the Utility sector and Electric Power Generation sub-sector.
Geregu Power, Nigeria’s leading power generation company (GenCo), is the first GenCo to be listed on the NGX Main Board, a listing segment for well-established companies with track records of success. The listing of Geregu’s shares has increased the market capitalization of NGX by N250 billion, increasing liquidity in the Nigerian capital market and providing opportunities for wealth creation.
What the NGX is said
- Commenting on the development, the Chairman, of NGX, Mr. Abubakar Mahmood, 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. We expect 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, of 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 proves 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.”
What the company said
- Speaking on the listing, the Chairman of, the Board of Directors, Mr. Femi Otedola stated that, “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”.
