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Friday Ekeoba
In what market watchers have described as a major step in turning around waste management into a veritable avenue for growing the domestic economy, the Nigerian Stock Exchange (NSE), Tuesday admitted The Initiates Plc N753, 950 million units of shares on the trading floor of the market.
The Initiates Plc is a Nigerian company which delivers international standard contracting and consulting services in waste management, industrial cleaning and decontamination to both private and public sectors including the oil and gas industry.
Specifically, 887,981,552 ordinary shares of The Initiatives Plc ( TIP) of 50 kobo each. Priced at N0.85, were listed by Introduction on the Alternative Securities Market (ASeM) Board.
Addressing the capital market community at the company’s Facts Behind the Listing on the Lagos floor of the equities market yesterday, the Managing Director, Mr. Reuben Ossai said the company with an asset of over eight hundred and twelve million, is being listed as part of strategic plan to promote inclusive growth, transparency and price discovery.
He said as a performing company with vision, listing the company’s shares will help increase its global visibility, diversification as a venture capital holding as well as positioning it for expansion.
“Ensure going concern continuity. Further diversification of holding structure and financial risk diversification.
Speaking on the goals of the company, Ossai said the company want to be in all waste subsectors; develop and operate one-stop-shop and adequately reward all stakeholders and maintain enduring reputation.
On the long-term contracts entered into by the company, Ossai informed the investing public that, the company has a long-term (2016-2019) contract off-shore Hazardous Waste Disposal for Shell, drilling waste management for AMNI Petroleum valued at $ 700,000 and management of waste and vessel cleaning services for SNEPCO for three years.
He added that between 2016 and 2025, the company after decade of expansion and consolidation has listing in the NSE market as one of its cardinal objectives, even as its also determined to pioneer development of E-waste facilities, development of incineration facilities as well as cleaning and decontamination services.
On the company’s revenue projection, the Managing Director said the company plans to achieve a revenue target of N750 million by end of 2016, N1 billion by 2017, N1.2 billion by 2018, N1.7 billion by 2019 and N1.8 billion by 2020 respectively.
Earlier in his comment the Chief Executive Officer NSE, Oscar Onyema said, “The admission into market, puts the company on a pedestal for growth and sustainability. The Exchange is committed to helping indigenous companies grow into globally competitive brands whilst facilitating the creation of durable wealth and engendering the sustainability of emerging businesses in Nigeria, through our ASeM Board. The company has successfully passed our stringent listing requirements and I commend their efforts to submit themselves to international best practices in governance”.
According to Executive Director, Capital Market Division, (CMD), Haruna Jalo-Waziri, “This listing, will add seven hundred and fifty six million, four hundred and eighty four thousand, three hundred and nineteen naira, twenty kobo (N756, 484, 319.20) to the market capitalization of The Exchange. But more importantly, it will increase the visibility of The Initiates Plc and differentiate it as one with high corporate governance standards, having met the stringent listing criteria of the NSE”
