Home Business Nigeria: NSE Migrates Four Companies From Asem to Growth Board

Nigeria: NSE Migrates Four Companies From Asem to Growth Board

by telegramnews
Nigeria: NSE Migrates Four Companies From Asem to Growth Board

The Nigerian Stock Exchange (NSE) has announced the migration of Chellarams Plc, Living Trust Mortgage Plc, McNichols Plc, and The Initiates Plc from the Alternative Securities Market (ASeM) to the Growth Board.

It also launched the associated Growth Board Index yesterday.

According to the NSE, the migration followed the receipt of applications from the companies requesting to be migrated from ASeM and consequent screening and approval by the council.

The NSE Growth Board was launched 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. 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.

Commenting on the migration, the Chief Executive Officer, NSE, Mr. Oscar Onyema, said: “This migration affirms the notable efforts of the four companies to meeting 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 where the chairman and chief executive officers of the companies were given the honour to close the market.