ARADEL HOLDINGS TO EXIT NASD, LIST SHARES ON NGX BY INTRODUCTION
1. Exit from NASD:
- Aradel Holdings Plc, a leading energy company in Nigeria, plans to leave the NASD over-the-counter (OTC) Securities Exchange.
- The decision was approved by shareholders at the Annual General Meeting (AGM) on June 5, 2024, in Lagos.
2. Listing on NGX:
- Aradel Holdings intends to list its shares on the Nigerian Exchange (NGX) Limited by introduction.
- The board is making necessary arrangements for the listing, expected in the coming weeks.
3. Share Performance:
- On June 10, Aradel's shares on NASD appreciated by 0.42% to N4,775.00 per unit.
4. Market Impact:
- If Aradel leaves NASD, it could significantly reduce the NASD OTC Exchange's value, currently at N2.039 trillion, as Aradel's market capitalization is nearly N1 trillion.
5. Strategic Move:
- The move to NGX is aimed at expanding funding sources and increasing exposure.
6. Financial Performance:
- In 2023, Aradel Holdings reported a post-tax profit growth of 254.9%, reaching N53.7 billion.
- The company's revenue increased by 234.5% to N221.1 billion.
- Shareholders received a final dividend of N170.
This summary highlights Aradel Holdings' strategic decision to transition from NASD to NGX, its financial growth, and the anticipated market implications.
1. Exit from NASD:
- Aradel Holdings Plc, a leading energy company in Nigeria, plans to leave the NASD over-the-counter (OTC) Securities Exchange.
- The decision was approved by shareholders at the Annual General Meeting (AGM) on June 5, 2024, in Lagos.
2. Listing on NGX:
- Aradel Holdings intends to list its shares on the Nigerian Exchange (NGX) Limited by introduction.
- The board is making necessary arrangements for the listing, expected in the coming weeks.
3. Share Performance:
- On June 10, Aradel's shares on NASD appreciated by 0.42% to N4,775.00 per unit.
4. Market Impact:
- If Aradel leaves NASD, it could significantly reduce the NASD OTC Exchange's value, currently at N2.039 trillion, as Aradel's market capitalization is nearly N1 trillion.
5. Strategic Move:
- The move to NGX is aimed at expanding funding sources and increasing exposure.
6. Financial Performance:
- In 2023, Aradel Holdings reported a post-tax profit growth of 254.9%, reaching N53.7 billion.
- The company's revenue increased by 234.5% to N221.1 billion.
- Shareholders received a final dividend of N170.
This summary highlights Aradel Holdings' strategic decision to transition from NASD to NGX, its financial growth, and the anticipated market implications.