Geregu first power firm on NGX, lists 2.5bn shares

Nigerian Exchange Limited (NGX) yesterday announced the listing and the introduction of Geregu Power Plc (GEREGU) on the Main Board of the Exchange. With 2.5 billion ordinary shares of Geregu listed at N100 per share, it became the first power Generation Company (GenCo) to be listed on the stock exchange. NIGERIA DAILY: How INEC Intends […]

Nigerian Exchange Limited (NGX) yesterday announced the listing and the introduction of Geregu Power Plc (GEREGU) on the Main Board of the Exchange.

With 2.5 billion ordinary shares of Geregu listed at N100 per share, it became the first power Generation Company (GenCo) to be listed on the stock exchange.

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Speaking, Chairman, NGX, Mr Abubakar Mahmood, said, “It is our expectation that the Geregu Power listing will encourage other power generation and distribution companies to list their shares on the exchange, thereby opening the sector up to cheaper, long-term capital that will boost infrastructural development and value creation,” he said.

The Chief Executive Officer, NGX, Mr Temi Popoola, said the listing of the power company is a promising development in the country’s power sector while welcoming Geregu Power Plc. to the exchange.

“This listing will enhance liquidity for Geregu, increase its visibility among global investors, elevate its value and boost transparency, as our marketplace is a sterling platform for raising capital and enabling sustainable growth for national development.”

Chairman, Board of Directors, Mr Femi Otedola, said the feat is the actualisation of a vision to bring world-class standards in governance, sustainability, and business processes to the company and the Nigerian electricity sector.

However, amid high investors’ demand, Geregu’s stock gained 10 per cent (N10) on its first trading day on the NGX to close at N110 per share from N100 per share it was listed by introduction.

The gain pushed its market capitalisation to N275bn from the N2.5bn it was listed. The GenCo operating in Kogi State, traded 8.5 million volumes of shares at N935m in one day as its listing further boosted liquidity in the Nigerian capital.