By Itohan Abara-Laserian
Cititrust Financial Services Plc has proposed an allotment of N2 billion shares to be listed on the Nigerian Exchange (NGX) Ltd after meeting all the regulatory requirements.
Mr Ikechukwu Peter, Country Director/Chief Executive Officer of Cititrust, said this during the presentation of the statutory report to shareholders on Tuesday in Lagos.
Peter said the statutory meeting was in line with requirements of a Public Limited Company wishing to be listed on the NGX in line with the CAMA 2020 Act.
He said: “This is a statutory general meeting and step toward our aim of being listed in the NGX. I had earlier said that we would be listing on the floor of NGX on or before the end of the second quarter.
“This is actually a step to that aspiration. We have planned to go to the Securities and Exchange Commission (SEC) to get our shares registered.
“To get this done, we need to get our shareholders approval and we have that now, our counterparties in the NGX are already waiting for us.
“We have been having engagements and discussions regarding how it should be done and I can gladly tell you that we are on course and the second quarter is very visible.
“The total number of shares allotted is four billion ordinary shares at 50k each, fully paid to the total value of shares allotted of N2 billion and we have gone to the Corporate Affairs Commission to get our share allotments sorted out,” he said.
According to Peter, the company currently has a total number of 55 shareholders which is exactly the number required by law to become a Plc, with the hope to increase.
“The thing is for us to position ourselves for more growth, raise capital because before now, we were owned by our parent company 100 per cent and by law, they are supposed to own about 70 per cent as a Plc and the other 30 per cent goes to the public.
“This is the opportunity to get more liquidity through this platform because the truth of the matter is that we are headed to the stock exchange, your shares will be actively traded. So, decide to expand your share base just to free up some more cash or get some more cash.
“The kind of business we do is financial services business which will require more funding every now and then. There is not much you can do with the money you have but if the fund is restricted, the things you can do will be restricted.
“We can only create the value that we can, based on the kind of funding that we have available to us. Listing on the exchange will give us visibility,” Peter said.
Peter assured the shareholders of capital appreciation and enhanced value creation noting that on the NGX, it would better position and empower the company to offer more value.
Alhaji Danladi Yaro, Chairman of the company, in his remarks notified the shareholders of the constituted Board of Directors and four Board Committees among others.
The shareholders present at the meeting approved and authorised the company to register its shares with SEC and as well list on the NGX, among others. (NAN)