- Trades to be carried out by NASD’s 152 licensed and registered dealers
The shares of the Nigerian Exchange Group (NGX) Plc formerly known as the Nigerian Stock Exchange has now been admitted for trading on the NASD over-the-counter (OTC) Securities Exchange market. This was made public on Wednesday by NASD plc, which operates the Over-The-Counter bourse in the country.
According to the management of NASD OTC, the stipulated trading share price of the NGX securities which began trading on Wednesday following its admittance on Tuesday will be N25 per share and will be made available to be traded by the market’s one hundred and fifty-two (152) licensed participating institutions or authorised dealers registered on the NASD platform.
The admittance of the Nigerian Exchange Group’s shares into the NASD OTC market comes in pursuant to the successful demutualization of the Nigerian Stock Exchange in march 2021 and a rebirth of the Nigerian Exchange Group (NGX Group) Plc, a leading integrated market infrastructure Group in Africa, resulting in the creation of the non-operating holding company of the group and its subsidiaries: Nigerian Exchange (NGX) Limited, the operating exchange; NGX Regulation (NGX RegCo) Limited, the independent regulatory arm of the Exchange; and NGX Real Estate (NGX RelCo) Limited, the real estate company.
Further afield, the NGX has disclosed that the digital assets of the new brand identity is a reflection of the vibrant, disciplined, inspired and engaging personality of NGX Group and its subsidiaries, as they are designed to make a distinctive and positive impression, even as the organisation continues to provide a platform for investors and issuers to meet their investment objectives. Also, the shares of NGX Group Plc will be available for two-pronged trades to be executed in line with extant rules and regulations of the Nigerian capital market, ahead of its listing.
Elsewhere, Oscar Onyema, the Group Chief Executive Officer, NGX Group, while speaking on the development said, “We are very excited about the launch of our new brand identity and website at this pivotal time in our history. Influenced by the dynamism and resilience of our market in both good and challenging times, our new identity, which builds on our rich heritage, reflects who we are today, our ambitions for the future, and our resolve to deliver superior value to our stakeholders. As we step into the NGX era, we remain committed to achieving the highest level of competitiveness, both in African and global capital markets”.
In the meantime, the NASD will be hosting a questions and answers session regarding the listing of the exchange’s shares on the OTC platform for traders and investors’ guidance in the market.