(I minute read)
· The Nigerian Stock Exchange (NSE) will be demutualized
· Transferred its securities exchange license and other assets
required to carry out the securities function to Nigerian Exchange
Limited.
The Nigerian Stock Exchange (NSE) will be demutualized. A resolution
to this effect was passed by the members of The Exchange at a Court
Ordered Meeting (COM) and an Extraordinary General Meeting (EGM) held
in Lagos. Members voted for re-registration of the Exchange as
Nigerian Exchange Group Plc and decided to transfer the demutualized
entities securities exchange license and other assets required to
carry out the securities function to Nigerian Exchange Limited.
The meeting also took the decision to establish a separate subsidiary
to be called NGX Regulation Limited with a total share capital of
N1,250,000,000 (one billion two hundred and fifty million Naira)
comprising 2,500,000,000 (Two billion and five hundred million)
ordinary shares of 50 kobo each, to be registered with the Corporate
Affairs Commission (CAC). It also passed a resolution assenting
allotment of 1,964,115,918 (one billion, nine hundred and sixty-four
million, one hundred and fifteen thousand, nine hundred and eighteen)
ordinary shares to Dealing Members and Ordinary Members on the basis
of a ratio of 78:22, respectively
