Shareholders of Lagos Building Investment Company Plc (LBIC) have elected to have the company fully admitted tot he NASD OTC Securities Exchange. They voted for this move when they passed a special resolution to this effect at their 13th annual general meeting, according to information made available to business a.m. by NASD.
NASD said it would place LBIC in the financial services segment to join Nigeria Mortgage Refinance Company Plc, AG Mortgage Bank Plc and Trustbond Mortgage Bank Plc.
Expressing its commitment towards providing an efficient liquidity platform for shareholders in the company, the OTC exchange said the company is bound by the rules and governance requirements of the securities exchange, which include scheduled financial reporting and requirements for full dematerialisation.
The OTC exchange disclosed that a full admission of the company also meets the requirements of the Securities and Exchange Commission (SEC) that all public securities must trade on a SEC registered trading platform.
“Shareholders are the ultimate beneficiaries as they will have better access to liquidity and greater transparency into the operations of the company and its share price,” NASD noted.
It added that listing on its exchange will enable the company meet its financing structure requirements, through a developed great working relationship.