Indigenous energy firm, Aradel Holdings PLC is set to list its shares (by introduction) on the main board of the Nigerian Exchange Group (NGX Group) on Monday, October 14, 2024. This comes after the energy firm exited the NASD over the counter (OTC) Securities Exchange on Friday 11 October, where its stocks were formerly being traded by investors. A total of 4,344,844,360 ordinary shares of ₦0.50 each at ₦702.69 per share will be listed on Monday, after which the company executives will also meet capital market stakeholders for a Facts Behind the Listing presentation, where its financial performance will be discussed.
Before the presentation, Aradel will be honoured with a Closing Gong Ceremony. The company will have the privilege to close trading activities for the day at 2:30 pm. Before exit of Aradel Holdings from NASD Exchange, it was one of the poster listings, helping the NASD Exchange hit the ₦3 trillion and ₦4 trillion threshold recently. Its exit from the platform will greatly be felt as it would shrink the market size by over ₦2 trillion. At the close of business on Thursday, October 10, 2024, the market capitalization of the alternative stock exchange was N3.824 trillion.
CardinalStone is acting as sponsoring broker for the listing.
Chapel Hill Denham acts as Financial Adviser for the listing.
Leading law firm, TEMPLARS provides legal advice to Aradel in connection with the Listing by Introduction.
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