Lagos -Mr Oscar Onyema, Chief Executive Officer (CEO), Nigerian Stock Exchange(NSE), on Tuesday said that the Premium Board was an investment portal for highly capitalised companies that met some level of required standards.
Onyema disclosed this at the launch of the ‘NSE Premium Board’ in Lagos.
He said that the investment criteria of assessment for a company to be listed on the premium board were based on corporate governance, liquidity and market capitalisation status of the company.
According to him, a company must have up to N200 billion in the market capitalisation and score 70 per cent and above of the corporate governance test before it can be listed on the premium board.
He added that the liquidity share price of such companies must also be amounted to N40 billion and the board of directors of the companies would undergo a financial awareness test and pass.
“The companies that will be on the premium board will be given the highest volume of global visibility.
“They will have cheaper cost of getting fund and will be more open to investors.
“Presently, only three companies – Dangote Cement, Zenith Bank Plc and FBN Holdings – are listed on the premium board.
“And I hope that by the time other companies see the benefits of being listed on the board, they will aspire to join,” he said.
Mr Onne Vander Waijde, Chief Executive Officer, Dangote Cement, expressed readiness of the company to meet the criteria for being listed on the board and surpass it.
Mr Bello Maccido, Chief Executive Officer, FBN Holdings, assured NSE of the bank’s commitment to sustain and enhance their corporate governance and other requirements, to remain on the board.
“NSE listing our company on the board is a recognition of our long corporate governance and high standard of business integrity.
” And our company will ensure that it is sustained for the progress of the exchange and the entire economy,” he said. (NAN)