Browsing: Nigerian exchange main board

L-R Gbadebo Adenrele, CEO Investment Banking of United Capital Plc (Lead Issuing House), Abiodun Sanusi, CEO, Black Birch Capital, Julius B. Omodayo-Owotuga (Deputy Chief Executive), Akin Akinfemiwa (Chief Executive Officer) & Akin Olagbende (General Counsel) all of Geregu Power Plc and Leo Okafor, Company Secretary, United Capital Plc at the official signing ceremony for the oversubscribed N40bn 7 Year fixed rate bond issuance under the N100bn multi-instrument program of Geregu Power Plc. www.theexchange.africa

Geregu Power PLC was incorporated in November 2006 as one of the unbundled companies from the now-defunct Power Holding Company of Nigeria (PHCN). The Company began operations in February 2007 to generate electric power supply to the National Grid managed by the Transmission Company of Nigeria (TCN).

Amperion Power owns 99.9 per cent of the company. Calvados holding (owned by Femi Otedola) owns 95 per cent of Amperion Power while Shangai Power owns five per cent.

Geregu Power listed 2.5 billion ordinary shares of 50 kobos each at a share price of N100 per share, valuing the company at about N250 billion on the first day. However, amid high investors demand, Geregu Power’s stock gained 10 per cent (N10) on its first trading day on the NGX to close at N110 per share from N100 per share.

The gain pushed its market capitalisation to N275 billion from the N250 billion it was listed. The company traded 8.5 million volume of shares at N935 million in one day as its listing further boosted liquidity in the Nigerian capital market.