THE Nigerian Exchange Limited (NGX) has approved the application of Jaiz Bank Plc’s private placement of 10.048 billion units at N1 per share and the listing.
The local bourse listings report indicated that Finmal Finance Services Limited, APT Securities Limited, AVA Capital Partners Limited and Emerging Africa Capital Limited were the issuing house(s)/financial adviser(s) while the stockbrokers are Finmal Finance Services Limited and Kundila Financial Services Limited.
Jaiz Bank Plc is the first fully-fledged non-interest financial institution in Nigeria. The bank was granted a banking licence to carry on the business of non-interest banking and commenced operation on January 6, 2012 with three branches in two states and the Federal Capital Territory.
It was established as a private limited liability company but was converted to a public limited liability company in April 2016 and now trades its stock on the Nigeria Exchange Limited (NGX).
At the exchange, Jaiz Bank Plc has 34,541,172,377 shares outstanding, each valued at N2.01 kobo as at Friday, March 15. Jaiz Bank Plc, with a free float value of N15.678 billion (23.40 percent) as at December 31, 2023, is compliant with the Nigerian Exchange Limited free float requirements for companies listed on the main board.
The company’s financial results for the period ended December 31, 2023 shows significant shareholders (five percent and above) for year 2023 and 2022. Only six shareholders account for 23.441 billion units of Jaiz Bank’s shares, representing 67.87 per cent of the issued share capital.
Muhammadu Indimi owns 8.310 billion units or 24.06 per cent, followed by Dantata Investment & Securities Limited, which own 4.023 billion units of Jaiz Bank or 11.65 percent. Umaru Abdul Mutallab owns 3.5 billion units or 10.13 percent.
Altani Investment Limited holds 2.6 billion units of Jaiz Bank shares or 7.53 percent, Islamic Development Bank holds 2.506 billion or 7.26 percent, while Dangote Industries Limited holds 2.5 billion units or 7.24 percent of Jaiz Bank’s shares.
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