By Dipo Olowookere
A leading real estate and hospitality organisation, Haldane McCall Plc, has received the approval to list its shares on the main board of the Nigerian Exchange (NGX) Limited.
A regulatory document seen by Business Post over the weekend confirmed that the firm will join the flagship stock exchange in Nigeria by introduction.
Haldane McCall was incorporated on March 27, 2012, as a private limited company determined to take charge of the real estate business in Nigeria and the emerging markets.
The firm is coming to NGX with about 3.122 billion ordinary shares of 50 Kobo each at a unit price of N3.84, according to the Nigerian Exchange, increasing the platform’s value by almost N12.0 billion (precisely N11.989 billion).
The application to have the company on the stock market was filed by its stockbroker, Finmal Finance Services Limited, and approval received on October 10, 2024.
This is coming at a time when Aradel Holdings Plc listed its equities on the NGX by introduction on Monday, October 14, 2024.
The energy firm brought to the market about 4,344,844,360 ordinary shares of 50 Kobo each at N702.69 per unit, with a market capitalisation of N3.05 trillion.
The introduction of Haldane McCall, owners of Suru Express Hotels and Suru Homes, is expected to deepen the equity market in Nigeria.
The board of Haldane McCall is chaired by Mr George Oguntade and the management team led by Mr Edward Akinlade, the Managing Director.
The stock market has become an avenue for companies to source cheaper funds for growth, especially as the conventional banking space in the country has stunted expansion because of high interest rates.