The Nigerian Exchange Group is gearing up to raise N10 billion in additional capital through a rights issue, as announced in their upcoming Annual General Meeting. Shareholders will have the opportunity to vote on this proposal, which is subject to regulatory approval.
The group plans to increase its share capital from N1.1 billion to N1.3 billion, with the issuance of ordinary shares. In the event of under-subscription, the directors are authorized to offer any unsubscribed shares at a specified price beneficial to the company.
Additionally, shareholders will vote on amending the Company’s Memorandum of Association to reflect the new share capital. The audited results for 2023 show a profit after tax of N5.2 billion, with a proposed final dividend of N1.5 billion.
The NGX Group experienced a significant increase in gross earnings, attributed to strong performances in core revenue and other income segments. Transaction fees, listing fees, rental income, and treasury investment income all saw substantial growth.
CEO Temi Popoola expressed satisfaction with the company’s operational performance, highlighting the improvements in transaction and listing fees, rental income, and treasury investment income.
Overall, the Nigerian Exchange Group is on a path of growth and expansion, with a focus on strengthening its financial position and delivering value to its shareholders.
