The Nigerian Stock Exchange (NSE) is to witness the listing of a third company this year as Geo-Fluids Plc, prepare to join the exchange. Shareholders of the company have given their approval for the shares to be listed on the exchange at N5 per share.
The NSE had earlier in the year listed the shares of Austin Laz Nigeria Plc and Forties Microfinance Plc.
Speaking on the development, the Managing Director, Geo-Fluids Plc, Dr. Ala Ibinabo, said the delay in listing the company was to ensure that shareholders get real value for their investments given the challenges the capital market went through recently.
He said: “The challenges the company experienced have been carefully articulated. We do accept that in year 2008, there was a virtual collapse of the capital market worldwide and we in Nigeria were not insulated from the free-fall. Nevertheless, we know the attributes and prospects of the capital market as a dependable vehicle for wealth creation in the long-term.
“Consequently, we believe that given the right regulatory and institutional frame work, the capital market will continue to be a very important catalyst for wealth preservation and that is why we are listing now regardless of the temporary challenges. This is a company that has been built over the years with a diversified revenue base.”
According to him, the company has emerged from the recession of the last few years stronger and better. He noted that this would be seen in its management account covering nine months of 2012, to be published soon.
Ibinabo disclosed that already the company’s profit before tax was over N1billion as at the end of September, expressing optimism of a dividend payout to shareholders at the end of the 2012 financial year.
“The future is great and very promising and I encourage our shareholders to hold on just a little longer and they will reap huge returns in investments, bearing in mind that we have considerably re-structured our business into several value added and income generating units,” he said.