The Initiates Plc list shares on NSE

…trade 1.1 million units at N0.89 per share

Efforts by The Nigerian Stock Exchange (NSE) to encourage indigenous firms to list their shares on its market has been bolstered with the listing 889,981,552 ordinary shares of The Initiatives Plc ( TIP) of 50 kobo each.

The shares priced at N0.85, were listed by Introduction on the Alternative Securities Market (ASeM) Board, Tuesday, October 25, 2016, and gained N0.04 within 15 minutes of trading on the floor of the NSE to close the day at N0.89 per share, thus boosting the NSE ASeM to an all time high as it grew by 0.38 percent to close at 1218.38 points.

TIP is the first waste management company to be listed on The Exchange. The company offers contracting and consultancy services in waste Management, industrial cleaning and decontamination to Private and Public sectors including the Oil & Gas Industry.

Commenting on the listing, Oscar N. Onyema, OON, Chief Executive Officer of NSE said, “The admission into market, puts the company on a pedestal for growth and sustainability.

The Exchange is committed to helping indigenous companies grow into globally competitive brands whilst facilitating the creation of durable wealth and engendering the sustainability of emerging businesses in Nigeria, through our ASeM Board.

The company has successfully passed our stringent listing requirements and I commend their efforts to submit themselves to international best practices in governance”.

According to Haruna Jalo-Waziri, Executive Director, Capital Market Division, (CMD), “This listing, will add seven hundred and fifty six million, four hundred and eighty four thousand, three hundred and nineteen naira, twenty kobo (N756, 484, 319.20) to the market capitalization of The Exchange. But more importantly, it will increase the visibility of The Initiates Plc and differentiate it as one with high corporate governance standards, having met the stringent listing criteria of the NSE.

The doyen of the Day Mr. Rasheed Yusuf whilst commending the management of TIP on the time they have decided to come into the market, encouraged them to use their expertise and technology with the opportunities the market offers in terms of long term capital to cement their position as both industry and national leaders.

The management of the company led by the MD Mr. Reuben Ossai, thanked the NSE for the opportunity. He noted that the initiates listing was not only to create fundS for the company but to increase visibility, create jobs and be of service to the country amongst others.