The Nigerian Exchange (NGX) Limited, has listed Geregu Power Plc’s N250 billion shares on its main board of the Exchange.
The listing, which is by introduction, amounts to a total of 2.5 billion ordinary shares of Geregu at N100 per share, under the Utilities sector and Electric Power Generation sub-sector of NGX.
Geregu Power, a leading power generation company (GenCo) in Nigeria, is the first GenCo to be listed on the NGX main board, a listing segment for well-established companies with demonstrable records of accomplishments.
The listing of Geregu’s shares has added N250 billion to the market capitalisation of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.
Speaking on the development, chairman, NGX, Mr. Abubakar Mahmood said: “we are particularly pleased that Geregu Power has joined the prestigious group of companies listed on our main board, which will differentiate it as a professionally run power company with high standards, having met NGX’s listing criteria.
“The listing is a sign of commitment to strong corporate governance, excellence, professionalism, efficiency in service delivery, and providing increased returns to shareholders.”
Mahmood said, “It is our expectation that the Geregu Power listing will encourage other power generation and distribution companies to list their shares on the Exchange, thereby opening the sector up to cheaper, long-term capital that will boost infrastructural development and value creation.”
“Having Geregu listed in our market is proof of NGX’s commitment to building a robust and inclusive market and creating avenues for sustainable investment.”
According to him, “This listing will enhance liquidity for Geregu, increase its visibility among global investors, elevate its value and boost transparency, as our marketplace is a sterling platform for raising capital and enabling sustainable growth for national development.”
Speaking on the listing, the chairman of Geregu Power, Mr. Femi Otedola, stated that, “the listing of the company was the actualization of a vision to bring world-class standards in governance, sustainability, and business processes to the Company and the Nigerian electricity sector.”
He added that, “listing on the main board of the Exchange will ensure that the long-term growth of the company is assured and its benefits will be passed on to our esteemed shareholders.”
