Omoluabi Savings Lists Shares On Nigerian Bourse
The Nigerian Stock Exchange (NSE) yesterday listed the first company on the on Alternative Security Market (ASeM) since its restructuring in 2013. The ASem segment is for the listing of small and medium enterprises(SMEs) companies. A total of five billion shares of Omoluabi Savings and Loans Plc were listed at 55 kobo per share to become the first firm to list its shares in the sector of the market.
Speaking after the listing, Chairman of the company , Dr. Wale Bolorunduro said he was appointed as the board chairman to oversee the privatisation of the bank by the Osun State government.
According to him, the bank came out in 2013 to raise N1.65 billion, issuing three billion shares at 55 kobo each saying that this is in line with its vision to broaden its shareholder-base and get listed on NSE.
He said the funds raised were used for business expand branch network and enhance information technology infrastructure.
He disclosed that the Omoluabi Savings and Loans was one of the 33 mortgage banks that scaled the recapitalisation deadline of December 31, 2013.
“The mortgage industry is expected to experience a major boost in activity as a result of the on-going reforms of the federal government in mortage delivery services and monetisation of major personal costs. The bank is expected to witness a turnaround in its activities in the light of the prevailing environment of its catchment area of the Osun State,” he said.
Meanwhile, the Chief Executive Officer of Morgan Capital Limited, the issuing house/ stockbroker to the Omoluabi Savings issue and listing, Mr. Ayoleke Adu, said he was happy that his company pioneered the listing of new firms on the ASem.
He called on other market operators to support the NSE’s efforts aimed at encouraging listing of SMEs, which are considered the engine room of any economy.
“We are happy to have achieved this listing and we will continue to encourage the listing of SMEs so that they have access to funding and run on better corporate governance,” Adu said.
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