There are interesting times for the Nigerian Stock Exchange as Skyway Aviation Handling Company (SAHCOL) and Nigerian Reinsurance Corporation plan to list on the exchange.
While SAHCOL is reported to be going through regulatory process ahead of a planned IPO in August when core investors will sell a stake, the Nigerian Reinsurance will go on an IPO in November in which the government will sell part of its stake.
“I’m expecting more transactions out of Africa in the equity markets, both in Nigeria and across Africa,” Miguel Azevedo, Citibank’s managing director and head of investment banking, Middle East and Africa, told Reuters News.
“I think at the end of the year we will see that 2018 was the biggest year for African IPOs since the financial crisis,” he said.
There are also more public listings expected to kickstart this year. South Africa’s MTN Nigeria will be floating about 30% of its shares on the NSE as part of the deal it struck with the government for lowering its regulatory fines to N330 billion in 2016.
Also, Indorama Eleme Petrochemicals Ltd owned by Singaporean investors is said to be looking at selling some of its shares on the exchange as early as next year.
