Geregu Power gets approval to list N40.1bn on FMDQ

Geregu Power Plc has obtained approval to list the N40.09 billion Series 1 Fixed Rate Senior Unsecured Bond on the FMDQ Securities Exchange.

In a notice to the Nigerian Exchange Limited (NGX) and the Investing public that the Company announced the approval, coming within weeks of listing on the NGX.

According to the notice signed by Akinleye Olagbende, Company Secretary, “arising from the foregoing, the Bond will be added on the FMDQ’s daily quotations and Listings Page on the FMDQ Exchange website after which the Bond shall be admitted for trading.”

A total of 2.5 billion ordinary shares of Geregu were listed at N100 per share, under the Utility sector and Electric Power Generation sub-sector of NGX.

Geregu Power’s bond issuance started in July 2022 when it raised N40.08 billion via Senior Unsecured Bonds under its N100 billion multi-instrument issuance programme at 14.5 per cent.

The company is now raising the second tranche of its N100 billion multi-instrument issuance programme.

According to Akin Akinfemiwa, the Chief Executive Officer of Geregu Power, the new capital would help support the company’s capital investments.

Geregu Power, a leading power generation company (GenCo) in Nigeria, is the first GenCo to be listed on the NGX Main Board, a listing segment for well-established companies with demonstrable records of accomplishments. The listing of Geregu’s shares has added N250 billion to the market capitalisation of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.

 

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