Notore Gets Listed on the Nigerian Stock Exchange

Enterprise Television – Notore Gets Listed on the Nigerian Stock Exchange

Notore Chemical Industries Plc Thursday listed N1.61 billion ordinary shares of N0.50 each at N62.50 per share on the Nigerian Stock Exchange (NSE).

The CEO, NSE, Oscar Onyema congratulated the company had carried out even before it got listed on the exchange.

Mr. Oscar also stated that the Federal Government in 2015 launched the Anchor Borrowers’ Programme (ABP), which was worth N55 billion.

The 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.

According to him, the 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 the 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.”

He noted that the 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 N100.75 billion (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.

Also speaking at the event, the Chief Executive Officer, Notore, Mr. Onajite Paul Okoloko expressed the company’s pleasure on their listing on the Exchange.

Mr. Paul, however, reminded that the company’s core business is the production and sale of fertilizer products, which is traded locally (Nigeria) and exported to West Africa, Southern Africa, and Europe.

He added “We tend to support the Nigerian Government’s effort to deepen the capital markets”

According to him, a free zone developer status has been set up to provide tax advantages for import and export activities to be supported by an expanded channel for 25,000mt vessels.

“Free zone development status is to be opened up to other party wanting to belong and participate with Notore.”

Stating some of the achievement the company has made thus far, he stated that Notore has been able to secure an approval for US$37 million funding to execute the TAM program which is aimed at restoring the daily production capacity to its 1,500mtpd which is the designed production capacity.

Also, the company sells 75 per cent of its urea fertilizer locally and exports 25 per cent to leading international fertilizer traders such as Helm AG, Ameropa and Yara.

The company stands as the only urea producer in sub-Saharan Africa with control over gas supply.

He also stated that the company has faced challenges that have for the past years wobble production due to lack of gas in the state between 2013-2016.

Noting that gas is as essential to the company as also the production of fertilizer.

 

Facebook Comments

All rights reserved. Kindly share news, opinion, contributions and press releases with us at editor@enterprisenetwork.africa