NSE CEO's Speech At The Facts Behind The Listing Presentation Of Notore Chemicals Industries Plc
Thursday, August 02, 2018/06:38PM/ NSE
Distinguished Ladies and Gentlemen:
It gives me great pleasure to welcome you to this Facts Behind the Listing of Notore Chemicals Industries Plc. On behalf of the National Council, Management and Staff of The Nigerian Stock Exchange, I congratulate the Board and Management of Notore Chemicals Industries Plc on its successful listing on the Main Board of the Nigerian Stock Exchange.
In 2015, the Federal Government launched the Anchor Borrowers' Programme (ABP). The ₦55 billion programme is an intervention scheme by the federal government through the Central Bank of Nigeria (CBN) to boost agricultural production and non-oil exports in the face of unpredictable crude oil prices and its resultant effect on the revenue profile of the nation. Notore remains the primary supplier of fertilizer for the ongoing Anchor Borrowers' Program (ABP) and continues to contribute significantly to the Agricultural Transformation Agenda of the Federal Government.
Today's listing is a promising development in the country's agro-allied and petrochemical sector and we encourage more local players to explore the different opportunities in the capital markets for raising long term capital. We believe that increased participation of indigenous companies in the capital markets will increase investors' confidence (both local and international) and entrench good corporate governance, transparency and sustainability in the sector.
Notore commenced commercial production and distribution of fertilizer across the country in 2010 after the rehabilitation of plants and assets acquired from the moribund National Fertilizer Company of Nigeria (NAFCON) through the federal government's privatization programme in 2005. Notore is one of the leading fertilizer, agro-allied, and power companies in Africa and is evidently committed to aiding Nigeria and the African continent to become self-reliant in food production and economic wealth.
We are pleased that Notore Chemicals Industries Plc has taken this strategic step to join the Main Board of the Exchange and in so doing, the prestigious club of quoted companies in Nigeria. This step indicates the firm's belief that our platform remains a veritable avenue for raising capital and enabling sustainable national growth. I commend Notore Chemicals Industries Plc for this bold and strategic step.
Your listing on the NSE today will not only showcase Notore as an established player in the agriculture and agro-allied sector, but will enable the firm better position itself towards the actualization of its strategic vision of becoming a significant contributor to the development of Africa.
Notore Chemicals Industries Plc has gone through a rigorous process to meet the listing standards of the NSE. With this listing, the company is showing its commitment to living a culture of strong corporate governance, excellent corporate citizenship and efficient services to its clients. As a listed company, we also believe that Notore Chemicals Industries Plc intends to provide increased returns to its shareholders.
Today's Listing by Introduction of 1.61billion ordinary shares of Notore Chemicals Industries Plc at a Listing Price of N62.50 per share is a culmination of several months of hard work by all parties to the transaction including the Securities and Exchange Commission and The Exchange. This listing has added N100.75bn (N100, 754,137,500) to the market capitalization of The Exchange, further deepening the Nigerian Capital Market. It will also increase the visibility of Notore Chemicals Industries Plc; solidify its brand as a pre-eminent agro-allied company in Nigeria.
This listing shows the confidence Notore Chemicals Industries Plc has on our platform, which has a total market capitalization of N23.34tr1 ($76.32Bn) across all of our asset classes. In order to remain competitive we have implemented far-reaching transformational programmes that have improved market access and provided products that are aligned to investors' requirements; several transparency initiatives (such as BrokerTrax, X-Compliance, X-Whistle, Compliance Status Indicator symbols, X-Issuer, X- Alert etc.) that have brought significant confidence to the market place.
The NSE is positioned as a premiere listing destination for African corporates, governments and international issuers looking to access the capital market of the largest economy in Africa. We encourage other companies within the Agriculture and Agro-Allied Sector to join your firm by listing their shares on the NSE.
We acknowledge the consistent hard work by FBNQuest Merchant Bank Limited, Vetiva Capital Management Limited, FBNQuest Securities Limited, Vetiva Securities Limited, PricewaterhouseCoopers, Templars, Banwo & Ighodalo, DataMax Registrars Limited the Professional Parties to this listing. I also congratulate the Primary Market, Listing Regulations, Corporate Comms and Market Operations teams at the Exchange, as well as CSCS for making this listing a reality.
We thank you, the invited guests for your presence today and encourage you to participate fully during the interactive session with the company. We wish Notore Chemicals Industries Plc great success as it embarks on this new phase as a listed company on a globally recognized Exchange, and encourage the company to remain transparent in its dealings and stay adherent to the Exchange's post-listing obligations.
Ladies and Gentlemen, join me in welcoming the CEO of Notore Chemicals Industries Plc to the podium to give his presentation.
Oscar N. Onyema, OON
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