The shares of Aradel Holdings Plc will be listed Main Board of the Nigerian Exchange (NGX) Limited on Monday, October 14, 2024.
Aradel will today list 4,344,844,360 ordinary shares of 50 kobo each at N702.69 per share on the Main Board of the NGX.
The company’s Managing Director and Chief Executive Officer, Gbite Falade, had in August hinted that Aradel will list on the NGX main board before the end of the third quarter.
Investogist gathered, that the energy firm will leave the NASD over-the-counter (OTC) Securities Exchange, where its stocks are currently being traded by investors.
Aradel plans to participate in the NGX’s closing gong ceremony on October 14 at 1:20 pm West African Time.
The company executives will also meet capital market stakeholders for a Facts Behind the Listing presentation, where its financial performance will be discussed.
Investogist gathered that Aradel Holdings is a major contributor to the NASD Exchange nearly N4 trillion market capitalization.
Its exit from the platform would shrink the market size by more than N2 trillion.
Ahead of the NGX listing, the nominal value of the shares of Aradel Holdings was changed from initial 217,242,218 ordinary shares of N10 each to 4,344,844,360 ordinary shares of 50 Kobo each, with the price going from N9,399.00 per unit at N10 each to N469.95 per unit at 50 Kobo each.
About Aradel Holdings
Aradel Holdings was on March 25, 1992, initially as the Midas Drilling Fund, it became Nigeria’s first integrated oil and gas investment company.
The company is a fully integrated energy conglomerate with operations in the upstream, midstream, and downstream sectors of the oil and gas industry.
Ogbele Marginal Field, located in Rivers State is Aradel’s flagship asset. The Company acquired the Ogbele Marginal Field, situated within the OML 54 block, in 2000 from the NNPC/Chevron Joint Venture (JV). It was the first ever Marginal Oil Field Farm-Out Agreement to be negotiated in Nigeria, between a Multinational /NNPC JV and a Nigerian Independent Company.
Oil production commenced in November 2005 and in 2010, a 1000bbls/d diesel topping plant was installed. Since then, the field has developed into a fully integrated oil and gas-producing asset.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
