NSE Lists First Waste Management Company on ASeM

NSE CEO, Oscar Onyema says the company's admission into market puts it on a pedestal for growth and sustainability
NSE CEO, Oscar Onyema says the company’s admission into market puts it on a pedestal for growth and sustainability

The Nigerian Stock Exchange has listed its first waste management company, The Initiates PLC on the alternative securities market board.

The listing which is also the first for the local bourse this year, adds over 700 million Naira to the market capitalisation of the exchange.

889, 981, 552 ordinary shares of 50 kobo each of the company were listed at N0.85 per share by introduction on the Alternative Securities Exchange Market and Capital Limited was the lead financial adviser and the designated adviser while joint adviser on the transaction was Partnership Securities Limited.

The CEO of the Exchange, Oscar Onyema, said: “The company has successfully passed our stringent listing requirements and I commend their efforts to submit themselves to international best practices in governance.”

With this development, the NSE expects the waste management sector of the economy to start opening up.

Zenith Bank In $850M London Listing

Zenith Bank listed $850 million worth of its ordinary shares on the London Stock Exchange as global depository receipts at $6.80, the bank said on Thursday.

One GDR represents 50 ordinary shares, the bank said, adding that JP Morgan is the depository bank, while Citi is the custodian.

“The GDR will allow us to raise money cheaply in the future,” Zenith chief executive, Godwin Emefiele, told CNBC Africa television, at the listing.