Nigeria Stock Exchange Approves Transcorp's Applications
 for Listing
By Gbenga Agbana
 21st NOV 2006

Plans by Transnational Corporation of Nigeria Plc (Transcorp) to list its shares on the daily official list of the Nigerian Stock Exchange got the blessing of its council on Friday as the quotations committee approved its application for listing.

With the development, Transcorps' listing by introduction of 18.6 billion ordinary shares of 50 kobo each at N6.00 per share has been scheduled for Thursday November 23, 2006. The market value of the company is N111 billion.
The company's listing by introduction is sequel to its ability, to secure enough shares through private placement.

After listing, the company has also concluded plans to float a N50 billion Initial Public Offering (IPO) which will enable the company to increase its working capital, invest in research and development, acquire more target companies and reinforce capital expenditure. Union Capital is issuing house.

In another development, Cement Company of Northern Nigeria, (CCNN) also got the approval of the stock exchange to issue by way of rights 240.7 million ordinary shares at 50 kobo each at N6.50 per share, with IBTC Asset Management Limited as the stock broker to the issue and IBTC-Chartered Bank Plc and Sterling Bank as joint issuing houses.

Acen Insurance Company Plc's public offer for subscription of three billion ordinary shares of 50 kobo each at 70 kobo per share was also approved, with Independent Securities Limited and 13 others as stockbrokers to the issue, while International Bank Plc and Wema Securities and Finance Limited are joint issuing houses

Dunlop Nigeria Plc also got approval for a rights issue of 756 million ordinary shares of 50 kobo each at N2.30 per share and public offer for subscription of 1.5 billion ordinary shares of 50 kobo each at N2.50 per share.

Lead Capital Limited, Security Swaps Limited, Nigerian Stockbrokers Limited, Royal Crest Finance Limited and Capital Assets Limited are joint stockbrokers, while UBA Global Market Limited, Sterling Capital Market Limited and Ecobank Nigeria Plc are joint issuing houses.

National Salt Company Plc is also placing 2.13 billion ordinary shares of 50 kobo each at N5 per share and Vetiva Capital Management is the stockbrokers and issuing house.

Placing is a financing method whereby the issuer sources the investor or gives mandate to its issuing house/stockbroker to sell securities to their clients. This saves cost because securities are not offered to the general public.

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