Fidelity bank banner Bayelsa State banner
More companies queue up to list on Nigerian Stock Exchange

By Chijioke Ohuocha on 02/06/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 4,441


More companies are lining up to list on the Lagos stock exchange, kick-starting Nigeria’s IPO market after a long drought.

Sources familiar with the matter said two companies - Skyway Aviation Handling Company (SAHCOL) and Nigerian Reinsurance Corporation - were preparing for initial public offerings this year, while Singapore-owned Indorama Eleme Petrochemicals Ltd planned a public float in Lagos next year.

They follow on the heels of South Africa’s MTN which has said it plans to list its Nigerian unit this year but has not set a date.

IPOs dried up in Nigeria after a 2008 crash, aggravated by the global financial crisis, wiped more than 60 percent off the stock market’s capitalization. The benchmark share index has since recovered, gaining 42 percent last year but IPOs have yet to resume, apart from oil company Seplat’s dual listing in Lagos and London in 2014.

SAHCOL is going through the regulatory process ahead of a planned IPO in August when core investors will sell a stake, while Nigerian Reinsurance aims for an IPO in November in which the government will sell part of its stake, the sources said.

“I’m expecting more transactions out of Africa in the equity markets, both in Nigeria and across Africa,” Miguel Azevedo, Citibank’s managing director and head of investment banking, Middle East and Africa, said.

“I think at the end of the year we will see that 2018 was the biggest year for African IPOs since the financial crisis.”

Alex Okoh, director general of the Bureau of Public Enterprises, said the government has 11 assets it plans to either concession or sells to strategic investors this year, ranging from power assets to sports stadiums.

Nigeria’s stock market rose 16 percent in the first quarter, helped by rising oil prices, but has recently seen a sell-off and is down 0.4 percent year to date as rising U.S. interest rates hit emerging markets and due to political risk ahead of a presidential election next February. (Reuters)

Source News Express

Posted 02/06/2018 12:25:41 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Army Chief commends Theatre Commander, Lafiya Dole troops...

Buhari approves executive management for River Basin Development...

ODL VANGUARD: We must professionalise distance learning —Don...

Buhari ready to fight corruption —Lai Mohammed •Insists...

Coalition indicts Osun NUJ chief of fraud, petitions...

150 perish in Ghana fire and floods

No rift between Obaseki and chairman, Ojezua

Buhari for medical check-up in London

Allianz and SOS children’s villages focus on social...

Academy Press acquires N2B modern equipment •It shows...

Imo spends N40bn on free tertiary education

JAMB rules out extension for UTME registration

 

Latest News Buhari’s biggest hurdles ahead 2019 polls PDP shops for consensus presidential candidate Battle for Saraki’s seat hots up Ohanaeze warns IPOB, urges Ndigbo to intervene Oyo 2019: Political heavyweights regroup under Obasanjo’s ADC to unseat APC Investors lament woes in Lagos Free Zone Uproar as Satan worshippers unveil statue in America Baby with brain tumor recovers miraculously after kiss from Pope Francis Love struck 98-year-old man walks 6 miles each way daily to visit paralysed wife in the hospital Okowa calls for collective efforts to check irregular migration Kofi Annan’s death a loss to Africa and the entire world, says Bola Tinubu Magu’s Chief of Staff not under investigation — EFCC

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (378,625 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (367,173 views) Shameless Genevieve Nnaji exposes breasts in public (296,929 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (242,306 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (223,237 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (217,423 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (192,966 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (175,169 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (159,880 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (158,703 views) Lagos plane crash: Journalist releases victims’ names (153,004 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (143,291 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,462) Business Verdict (48) Columnists (912) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (528) Features (640) Global Business Monitor (295) International (2,278) Interview (162) Live Commentary (28) Love Matters (135) News (38,135) Opinion (1,061) Pidgin (11) Politics (6,096) Religion (826) Sports (1,650) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Real Madrid vs Atletico Madrid 2-4 Highlights and Goals

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement