Nigeria’s Notore Chemicals has listed its shares by an introduction on the floor of the Nigerian Stock Exchange.
Shares listed through introduction do not go through an initial public offering, IPO.
Oscar Onyema, the CEO of the NSE said in a statement that:
“The listing is a promising development in the country’s agro-allied and petrochemical sector and we encourage more local players to explore the different opportunities in the capital markets for raising long term capital. We believe that increased participation of indigenous companies in the capital markets will increase investors’ confidence (both local and international) and entrench good corporate governance, transparency and sustainability in the sector.
Notore commenced commercial production and distribution of fertilizer across the country in 2010 after the rehabilitation of plants and assets acquired from the moribund National Fertilizer Company of Nigeria (NAFCON) through the federal government’s privatization programme in 2005. Notore is one of the leading fertilizer, agroallied, and power companies in Africa and is evidently committed to aiding Nigeria and the African continent to become self-reliant in food production and economic wealth.
We are pleased that Notore Chemicals Industries Plc has taken this strategic step to join the Main Board of the Exchange and in so doing, the prestigious club of quoted companies in Nigeria. This step indicates the firm’s belief that our platform remains a veritable avenue for raising capital and enabling sustainable national growth. I commend Notore Chemicals Industries Plc for this bold and strategic step. Your listing on the NSE today will not only showcase Notore as an established player in the agriculture and agroallied sector, but will enable the firm better position itself towards the actualization of its strategic vision of becoming a significant contributor to the development of Africa.
Notore Chemicals Industries Plc has gone through a rigorous process to meet the listing standards of the NSE. With this listing, the company is showing its commitment to living a culture of strong corporate governance, excellent corporate citizenship and efficient services to its clients.
As a listed company, we also believe that Notore Chemicals Industries Plc intends to provide increased returns to its shareholders,” he said.