Since July last year’s formal launch of trading platform of NASD plc over-the-counter (OTC) market, shareholders in non-listed securities of public companies have had the opportunity of exchanging 244,665 units of non-securities valued at N77.996 million.
The NASD OTC market brings together issuers, individual and institutional investors, accredited dealers, stockbrokers, banks, central clearing systems, private equity and venture capital firms and depositories with a view to increasing liquidity in the non-quoted segment of the long-term funding market.
Non-listed securities that have been exchanged in 36 deals are Friesland Campina WAMCO Nigeria plc, Food Concepts plc, Industrial and General Insurance (IGI) plc, Consolidated Breweries plc, and Niger Delta Exploration and Production plc.
The cumulative market summary from this market as of January 13, 2014, shows that shareholders have in 26 deals exchanged 175,353 units of Friesland Campina WAMCO Nigeria valued at N70.598 million.
Others are: 35,000 units of Food Concepts worth N47,250. This was done in 2 deals. Also in deal, 1,000 units of IGI worth N2,500, were traded, while 13,312 units of Consolidated Breweries worth N1.107 million were exchanged in 3 deals.
In addition, shareholders in 4 deals have exchanged 20,000 units of Niger Delta Exploration and Production worth N6.240 million. Stakeholders in this market have noted that the pricing of securities in this OTC market for non-listed securities is driven by demand and supply.
In addition to the aforementioned, other securities that are ready-to-trade in this market are: Resourcery plc, Jaiz International plc, SWAP Technologies and Telecomms plc, BGL plc, and Geo Fluids plc.
When the market was launched last year, Sulleyman Ndanusa, chairman, Securities and Exchange Commission, said the take-off of the NASD plc Over-the-Counter (OTC) market would provide opportunity to enable all public companies be traded; thus engendering the demands of corporate governance, transparency, and trust among others.