By Dipo Olowookere
The shares of Aradel Holdings Plc will be listed on the floor of the Nigerian Exchange (NGX) Limited on Monday, October 14, 2024, Business Post reports.
Before this happens, the energy firm will leave the NASD over-the-counter (OTC) Securities Exchange, where its stocks are currently being traded by investors.
A notice obtained by this newspaper disclosed that the organisation is coming to the country’s flagship bourse with a total of 4,344,844,360 units.
After the listing, the executives of the company will meet capital market stakeholders for a Facts Behind the Listing presentation.
This platform allows the decision makers of Aradel Holdings to speak about its financial performance and what to expect from the organisation, especially as their shares hit the main board of the exchange.
Before the presentation, the player in the nation’s oil and gas sector will be honoured with a Closing Gong Ceremony. The team will have the privilege to close trading activities for the day at 2:30 pm.
Aradel Holdings is one of the bellwethers of the unlisted securities market, helping the NASD Exchange hit the N3 trillion and N4 trillion threshold recently.
Its exit from the platform will greatly be felt as it would shrink the market size by over N2 trillion.
At the close of business on Thursday, October 10, 2024, the market capitalization of the alternative stock exchange was N3.824 trillion.
Recall that recently, trading in the equities of Aradel Holdings was suspended on NASD as a result of its share split and redomination.
Ahead of the listing on the NGX, the nominal value of the shares of Aradel Holdings was changed to 50 Kobo per unit from N10 per unit.
From September 20, 2024, to September 30, 2024, shareholders of the company could not trade their shares at the market because of the exercise.
The initial 217,242,218 ordinary shares of N10 each were changed to 4,344,844,360 ordinary shares of 50 Kobo each, with the price going from N9,399.00 per unit at N10 each to N469.95 per unit at 50 Kobo each.