Efforts by The Nigerian Stock Exchange (NSE or The Exchange) to encourage indigenous firms to list their shares on its market has been bolstered with the listing of 889,981,552 ordinary shares of The Initiatives Plc ( TIP) at 50 kobo each. Priced at N0.85, the shares were listed by Introduction on the Alternative Securities Market (ASeM) Board today, Tuesday, October 25, 2016.
The Initiates Plc is the first waste management company to be listed on The Exchange. The company offers contracting and consultancy services in waste Management, industrial cleaning and decontamination to private and public sectors including the Oil & Gas industry.
Commenting on the listing, Oscar N. Onyema, OON, Chief Executive Officer of NSE said, “The admission of The Initiatives Plcon the Daily Official List of the NSE, puts the company on a pedestal for growth and sustainability.
The Exchange is committed to helping indigenous companies grow into globally competitive brands, whilst facilitating the creation of durable wealth and engendering the sustainability of emerging businesses in Nigeria, through our ASeM Board.
The company has successfully passed our stringent listing requirements and I commend their efforts to submit themselves to international best practices in governance”.
According to Haruna Jalo-Waziri, Executive Director, Capital Market Division, (CMD), “this listing, will add seven hundred and fifty six million, four hundred and eighty four thousand, three hundred and nineteen naira, twenty kobo (N756, 484, 319.20) to the market capitalization of The Exchange. But more importantly, it will increase the visibility of The Initiates Plc and differentiate it as one with high corporate governance standards, having met the stringent listing criteria of the NSE”.