The Nigerian Stock Exchange (NSE) has migrated four listed companies from the Alternative Securities Market (ASeM) to the Growth Board Index, with an effective date of Monday, 30 November 2020.
The four companies are Chellarams Plc (NSE – CHELLARAM), Living Trust Mortgage Plc (NSE- LIVINGTRUST), McNichols Plc (NSE – MCNICHOLS), and The Initiates Plc (NSE – INITPLC).
This was disclosed in a publication by the Exchange. According to NSE, the companies were migrated following the approval of their applications by the National Council of The Exchange.
The migration of the four companies was commemorated with a virtual Closing Gong ceremony.
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NSE Growth Board was launched on 28 January 2020 to assist small and medium scale enterprises (SMEs) and growth-oriented companies looking to raise capital and promote liquidity in the trading of their shares.
The Growth Board offers relaxed entry criteria with less stringent listing requirements making it easier to attract capital flows along with reduced pre and post-listing obligations according to NSE.
At the close of trading on Monday the equity prices of the four companies were as follows
Chellarams Plc – N2.51 per share, the share price has remained unchanged since 30, 2020
Living Trust Mortgage Plc – N0.60 per share, the equity has remained unchanged YTD
McNichols Plc – N0.47 per share, the share price has remained unchanged since 2 July 2020
The Initiates Plc – N0.57 per share, the share price has remained unchanged since 4 September 2020.
Commenting on the development, the Chief Executive Officer, NSE, Mr. Oscar N. Onyema, OON, 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.”
By: Ifunanya Ikueze
