Tuesday, 10 January 2017

Jaiz Bank, Medview Airline Get Approval To List Shares On Nigerian Stock Exchange

The Nigerian Stock Exchange is set to list Nigeria’s first non-interest commercial bank, Jaiz Bank and aviation brand, Med-View Airline Plc after the council of the Exchange approved both companies.

In a report from the Nigerian Stock Exchange, Jaiz Bank, Nigeria’s first non-interest bank, applied to the NSE to list by introduction of 29.5 billion ordinary shares of 50 kobo each at the rate of N1.25 per share. Finmal finance Services Limited and Kundila Finance Service Limited are the company’s stock brokers while issuing house and financial advisers are Finmal finance Services Limited and Inverness Wealth Management Limited.

Jaiz Bank, the only full-fledged Islamic Bank in Nigeria recently obtained an approval from the Central Bank of Nigeria for a national operating licenses to enable it operate in all parts of the federation.

According to the bank, its intention is to increase its current share capital base from N15 billion (USD$75 million) to N25 billion (USD$ 125 million). The Bank said this upgrade will enable it position itself towards the actualisation of its vision of serving the sub Saharan African markets effectively in one of the most thriving sectors of the African economy.

On the part of Med-View Airline Plc, its application to list 9.8 billion ordinary shares of 50 kobo each at N1.50 per share was also approved by the QCN of the Exchange. This represents a start-off market capitalisation of about N14.7 billion. Trust Yields Securities Limited and Kedari Capital Limited, two investment firms, were quoted to be working with the board of Med-View Airline to facilitate the listing.

According to the report, the listing will be done by way of introduction, implying that Med-View Airline will be available initially through the secondary market, though the airline was said to be interested in floating its initial public offering (IPO) as the market condition improves.

Two aviation-related companies listed on the NSE are Airlines Services and Logistics, an in-flight catering company, currently trading at N2.50 while Nigerian Aviation Handling Company (NAHCO), a ground-handling company, trades at N3.16 per share.

Med-View Airline started in 2007 and has grown to become an emerging major domestic airline.

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