Sunday, May 16, 2021

NSE Set to Migrate Access Bank, Lafarge, Seplat and UBA to Premium Board

Must read

Naija247news, Nigeria
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Lagos, April 12, 2018. The Nigerian Stock Exchange (NSE) is pleased to announce it will be migrating Access
Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc to its
Premium Board on Monday, April 16, 2018 sequel to them applying and meeting the Exchange’s listing
requirements for the board.
The Premium Board is the listing segment for the elite group of issuers that meet the Exchange’s most
stringent corporate governance and listing standards. The Board is a platform for showcasing companies who
are industry leaders in their sectors. Premium Board features companies that adhere to international best
practices on corporate governance and meet the Exchange’s highest standards of capitalization and liquidity.
The Board gives a company access to a global pool of investors who are focused on companies managed in
conformity to the highest standards in their target markets.
Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa
Plc have all passed the Corporate Governance Rating System (CGRS) and have market capitalisation of
N347.12bn, N378.60bn, N391.37bn and N374.48bn respectively. They will join Dangote Cement Plc, FBN
Holdings Plc, and Zenith International Bank Plc who were migrated to the Premium Board in 2015, bringing
the total number of companies on the Board to seven.
Commenting on the development, Chief Executive Officer, NSE, Mr. Oscar N. Onyema, OON said, “This
migration affirms the strides our listed companies are making towards meeting the highest standards of
corporate governance and underpins the robustness of our market. The new companies have consistently
demonstrated their inherent values to be globally competitive brands and we congratulate them on the
attainment of this migration”.
“Companies on the Board are already enjoying the highest levels of visibility and appeal to investors looking
for large companies with highest standards of corporate governance. From inception to date, the Premium
Board Index continues to outperform the benchmark NSE ASI with the Premium Board recording a total
return of 84.99% versus the NSE ASI’s 41.79% as at 11 April 2018. The Premium Board’s performance
continues to reinforce the sentiments of both foreign and domestic investors on the importance of corporate
governance and sustainability”, he added.
To be listed on the Premium Board of The NSE, the aspiring companies must attain a minimum market
capitalization of N200bn as at the date of application, a minimum score of 70% on the Corporate Governance
Rating System (CGRS), and maintain a minimum free float of 20% of their issued share capital or a free float
value equal to or above N40 billion, as well as meet other standard listing criteria.
Recall the NSE Premium Board and the associated Premium Board Index were launched on Tuesday, August
25, 2015.

- Advertisement -spot_img

More articles

- Advertisement -spot_img

Latest article

WP to LinkedIn Auto Publish Powered By :