Jaiz Bank To List Shares On NSE 2019

The Nigerian Stock Exchange (NSE) would list the shares of Jaiz Bank Plc by way of introduction.
According to NSE, the bank will list 29.46 billion ordinary shares of 50 kobo each at N1.25. The listing is scheduled to take place on February 09, 2019 in Lagos.
It will be recalled that the shareholders of the bank unanimously voting for its shares to be listed and traded on the floor of the NSE in 2016.
Speaking earlier at the Extraordinary General Meeting (EGM) in Abuja, the chairman of the bank, Alhaji Umaru Abdul Mutallab, said with the shareholders’ endorsement, the bank’s authorised share capital has been subdivided from 15 billion ordinary shares of N1.00 each to N30 billion ordinary shares of 50 kobo each.
Finmal Finance Services Limited, Kundila Finance Services Limited and Inverness Wealth Management Limited, all of them investment firms, were said to be working with the board of Jaiz Bank to facilitate the listing.
The listing will be done by way of introduction, implying that Jaiz Bank’s shares will be available initially through the secondary market, though the non-interest bank has already indicated interest in raising funds through initial public offering (IPO) and the listing will have a start-off market capitalisation of N36.83 billion.
Jaiz Bank plans to increase its current share capital base from N15 billion to N25 billion.
The bank, which is already listed on the NASD OTC Plc, may set record as the first company to migrate from the NASD OTC to the NSE. The NASD OTC is the over-the-counter trading platform for unlisted public limited liability companies.
The bank recently obtained a national operating license from the Central Bank of Nigeria (CBN), which will enable it to spread across all the 36 states of the federation.
Jaiz Bank was created out of the former Jaiz International Plc which was set up in 2003-2004 as a Special Purpose Vehicle (SPV) to establish Nigeria’s first full-fledged non-interest bank. It is owned by more than 20,000 shareholders including the Islamic Development Bank (IDB).

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