The Nigerian Stock Exchange has listed its first waste management company, The Initiates PLC on the alternative securities market board.
The listing which is also the first for the local bourse this year, adds over 700 million Naira to the market capitalisation of the exchange.
889, 981, 552 ordinary shares of 50 kobo each of the company were listed at N0.85 per share by introduction on the Alternative Securities Exchange Market and Capital Limited was the lead financial adviser and the designated adviser while joint adviser on the transaction was Partnership Securities Limited.
The CEO of the Exchange, Oscar Onyema, said: “The company has successfully passed our stringent listing requirements and I commend their efforts to submit themselves to international best practices in governance.”
With this development, the NSE expects the waste management sector of the economy to start opening up.