COMFORT EKELEME
The Nigerian Stock Exchange (NSE) on Monday migrated United Bank for Africa Plc (UBA); Access Bank Plc, Lafarge Africa Plc and Seplat Petroleum Development Company Plc to its Premium Board sequel to their application 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 that 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.
UBA, Access Bank Plc, Lafarge Africa Plc, and Seplat Petroleum Development Company Plc have all passed the Corporate Governance Rating System (CGRS) and has market capitalization of N347.12billion, N378.60billion, N391.37billion and N374.48billion respectively.They have joined 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, 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 84.99per cent versus the NSE ASI’s 41.79 per cent as at April 11, 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 N200billion as at the date of application, a minimum score of 70 per cent on the Corporate Governance Rating System (CGRS), and maintain a minimum free float of 20 per cent of their issued share capital or a free float value equal to or above N40 billion, as well as meet other standard listing criteria.It would be recalled that the NSE Premium Board and the associated Premium Board Index were launched on Tuesday, August 25, 2015.
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