Haldane McCall lists 3.12 bn shares by introduction on NGX

Haldane McCall Plc on Wednesday joined the league of quoted companies on Nigerian Exchange Limited (NGX), with the listing by Introduction on the Main Board, its 3.122 billion Ordinary Shares of 50 kobo each at N3.84 per share and the share price appreciated by 10 percent after the Listing.

The Company, which is a frontline Real Estate and Hospitality Company, was admitted to the Daily Official List of NGX amidst Closing Gong Ceremony and presentation of Facts behind the Listings by Edward Akinlade, its Group Managing Director.

Akinlade, who presented “Facts Behind the Listings” to securities dealers, explained that the decision to seek listing was not only for visibility, but to open new opportunities to raise long term fund for expansion.

“What sets our Company from our peers is that we buy land from banks, develop it and sell. We actively trade and do not get involved in problem assets. There is a bright future for our Company. We want to build affordable houses for Nigerians. We want to expand through acquisition of companies. We have 100 acres at Majidun, Ikorodu, 4,120 sqm at Opebi Road, Ikeja, 30 acres of land at Isihun, Abeokuta, Ogun State, 3,310 sqm at Akin Olugbade, Victoria Island and 1,200 sqm at Alade Street, Ikeja among others”, he said.

Akinlade unfolded part of Haldane McCall’s future plan, including development of 1,000 affordable units in Lagos over 5 years, 100 middle-class homes across Lagos per annum, 50 rental homes across Porto-Novo, Republic of Benin and expansion of the Company’s land banking holdings.

He captured the Company’s strategic vision, growth trajectory and future plan assured the stakeholders in the capital market saying there will be “sustained growth in the Company’s net profit, regular dividend payment of 30 percent of the net earnings, maintenance of strong investor relations to reinforce investor confidence and provision of timely information of the company’s activities in line with the Post Listing Requirements of NGX.”

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The symbolic closing of the market gong was beaten by the Company’s Chairman, George Oguntade, a SAN. The Listing Ceremony was attended by many of the Company’s Directors, including Nosirudeen Akanbi, the Oba Onisasa of Shasha in Lagos.

In his welcome address, Umaru Kwairanga, Group Chairman, NGX commended the Company’s Board on its decision to seek listing, describing it as a demonstration of transparency in information disclosure. Kwairanga noted that listing was a win-win affair as it deepens the market and also provides a credible platform for capital raise and capital formation for Haldane McCall Plc.

Jude Chiemeka, Chief Executive Officer, NGX, congratulated the Company on its admission to NGX. He explained that NGX was a multi-assets Exchange and a member of World Federation of Exchanges (WFE) and has a Memorandum of Understanding (MoU) with many notable exchanges globally. Chiemeka assured the Company that NGX placed premium on investor-protection and urged the Board and Management to comply with the Post Listing Requirements.