SEC Approves Transcorp’s Listing, CCNN and Dunlop’s Right’s Issue
November 20th, 2006 mishacko || mishacko@yahoo.co.uk
By Mishack Okpara
The Securities and Exchange Commission (SEC) and NSE have given approval to the Transnational Corporation of Nigeria Plc (Transcorp) to list its shares on the daily official list of the Nigerian Stock Exchange. The company’s listing by introduction is sequel to its ability to secure enough shares through private placement.
With this development, Transcorps’ listing by introduction of 18.6 billion ordinary shares of 50 kobo each at N6.00 per share has been scheduled for Thursday November 23, 2006. The market value of the company is N111 billion. After listing, the company plans to float a N50 billion Initial Public Offering (IPO) by December which will enable it increase its working capital, invest in research and development, acquire more target companies and reinforce capital expenditure.
In a related development, Cement Company of Northern Nigeria, (CCNN) got the approval of the stock exchange to issue by way of rights 240.7 million ordinary shares at 50 kobo each at N6.50 per share with IBTC Asset Management Limited as the stock broker to the issue and IBTC-Chartered Bank Plc and Sterling Bank as joint issuing houses. . Dunlop Nigeria Plc also got approval for a rights issue of 756 million ordinary shares of 50 kobo each at N2.30 per share and public offer for subscription of 1.5 billion ordinary share of 50 kobo each at N2.50 per share.
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