Many big local and international companies have indicated interest in trading their shares using the platform of National Association of Securities Dealers (NASD), sources close to the market told BusinessDay on Monday.
In addition to oil servicing companies, some of the identified companies are MTN, FrieslandCampina WAMCO Nigeria, Consolidated Breweries, Niger Delta Exploration & Production Plc (NDEP), Fan Milk, and Resourcery Plc, one of the leading Information Technology (IT) companies in Nigeria.
Already, the NASD is working with nominal advisers who will be setting valuation for these companies in this alternative market.
For existing and prospective investors in these companies, the NASD OTC platform would be creating a market for these companies through two access points –first is the leased trading platform of the Nigerian Stock Exchange (NSE) which only stockbrokers will have access to and a web-based access point meant for investors across the globe.
The Securities and Exchange Commission (SEC) management will be on inspection tour of the NASD trading facility today and there are indications that the management of this alternative market is close to ceiling up deals with the Central Securities Clearing System (CSCS).
The NASD OTC platform would be formally launched by May this year, though it will offer platform for investors to do deals after the first deal has been done in the next couple of days.
According to our source in this market which currently has sixty-four (64) shareholders who are primary investors and capital market operators, “We are happy with the development. These companies are all good companies. Though there could be a lot of sale-pressure in the couple of days as soon as there is a formal launch by May this year, there are going to be lots of turnover in this market.”
IHEANYI NWACHUKWU
