Geregu Power Plc, (GPP), a leading power generation company in Nigeria, has been admitted into the main board of the Nigerian Exchange Limited, NGX, by way of listing, with the admittance of 2.5 billion ordinary shares of 50 kobo each at N100 per share on the Exchange.
The Genco becomes the first to be listed on the NGX Main Board, a listing segment for well-established companies with demonstrable records of accomplishments.
Speaking on the listing, the Executive Chairman, Board of Directors, GPP, Mr. Femi Otedola, said: “The listing of the company was the actualisation of a vision to bring world-class standards in governance, sustainability, and business processes to the company and the Nigerian electricity sector.
“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.”
Nigerian Exchange Limited continues to evolve in order to remain an attractive destination for issuers, meet the needs of our valued stakeholders and achieve the highest level of competitiveness.
Commenting on the development, the 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.
“A Main Board listing is a sign of commitment to strong corporate governance, excellence, professionalism, efficiency in service delivery, and providing increased returns to shareholders. 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.” The listing on the Main Board of the Exchange will ensure that the long-term growth of the company.
On his part, the Chief Executive Officer, NGX, Mr. Temi Popoola, said: “Today’s (yesterday) listing is a promising development in the country’s power sector and we are delighted to welcome Geregu Power Plc to the Exchange. 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.
“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. As a listing platform of choice, we are committed to working with companies at various stages of growth to explore the different opportunities in the capital market to meet their business objectives.”
Otedola joined the board of GPP as Chairman of the Board of Directors in November 2013. Prior to this, he was the Chairman of the Board of Directors of Forte Oil Plc (now Ardova Plc) from May 2007 to June 2019.