Nigeria Stock Exchange moves four companies to growth board

By Simdi Gloria:-

The Nigeria Stock Exchange (NSE) migrated the following four companies, Chellarams Plc, Living Trust Mortgage Plc, McNichols Plc, and The Initiates Plc from the Alternative Securities Market to the Growth Board.

NSE on Monday also launched the associated Growth Board Index to track development in the sector.

This migration, according to the Exchange, follows the receipt of applications from these companies requesting to be migrated from ASeM, and consequent screening and approval by the National Council of The Exchange.

The NSE Growth Board was launched to assist small and medium scale enterprises and growth-oriented companies looking to raise capital and promote liquidity in the trading of their shares. It offers relaxed entry criteria with less stringent listing requirements making it easier to attract capital flows along with reduced pre and post-listing obligations.

Mr. Oscar Onyema, the Chief Executive Officer speaking on the development stated, “This migration affirms the notable efforts of the four companies to meet corporate governance standards and underpins the robustness of our market.

“We congratulate and are pleased to migrate Chellarams Plc, Living Trust Mortgage Plc, McNichols Plc, and The Initiates Plc to the Growth Board where they will have access to a suite of value-added services that will give them a competitive edge beyond access to capital. We believe that the inclusion of these companies on the All-Share Index and the Growth Board Index of the NSE will provide increased visibility that will attract global investors.”

The migration of the four qualified companies was commemorated with a virtual Closing Gong ceremony were the Chairman, Chellaram Plc, Asiwaju S.K. Onafowokan; the Chairman, McNichols Plc, Olusegun Layode; the Chairman, Living Trust Mortgage Plc, Alhaji Adebayo Jimoh; the Chairman, The Initiates, Joe Anosikeh; the Managing Director, Chellaram Plc, Chief S.M. Chellarams; CEO, McNichols Plc, Chimaraoke Ekpe; CEO, Living Trust Mortgage, Adekunle Adewole; and CEO, The Initiates, Reuben Mustapha, were given the honour to close the market.

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