By Kayode Ilesanmi
A real estate and hospitality company, Haldane McCall Plc, yesterday, joined the league of quoted companies on Nigerian Exchange Limited (NGX), with the listing by introduction of its 3.122 billion ordinary shares of 50 kobo each at N3.84 per share.
The share price appreciated by 10 per cent after the listing.
The company was admitted to the daily official list of NGX amidst the closing gong ceremony and presentation of facts behind the listings by the Company’s Group Managing Director, Dr Edward Akinlade.
The Group Chairman of NGX, Umaru Kwairanga, commended the company’s board on its decision to seek listing, describing it as a demonstration of transparency in information disclosure.
Kwairanga noted that listing was a win-win affair as it deepens the market and also provides a credible platform for capital raise and capital formation for Haldane McCall.
Akinlade explained that the decision to seek listing was not only for visibility but to open new opportunities to raise long-term funds for expansion.
“What sets our company apart from our peers is that we buy land from banks, develop and sell it. We actively trade and do not get involved in problem assets. There is a bright future for our Company. We want to build affordable houses for Nigerians. We want to expand through the acquisition of companies.
“We have 100 acres at Majidun, Ikorodu, 4,120 sqm at Opebi Road, Ikeja, 30 acres of land at Isihun, Abeokuta, Ogun State, 3,310 sqm at Akin Olugbade, Victoria Island and 1,200 sqm at Alade Street, Ikeja among others.”, he said.
Akinlade unfolded part of Haldane McCall’s plan, including the development of 1,000 affordable units in Lagos over 5 years, 100 middle-class homes across Lagos per annum, 50 rental homes across Porto-Novo, Republic of Benin and expansion of the Company’s land banking holdings.
He captured the company’s strategic vision, growth trajectory and plan, assuring the stakeholders of sustained growth in the company’s net profit, a dividend payment of 30 per cent of the net earnings, maintenance of strong investor relations to reinforce investor confidence and provision of timely information of the company’s activities in line with the post listing requirements of NGX.
The Chief Executive Officer, NGX, Jude Chiemeka, congratulated the company on its admission to NGX. He explained that NGX was a multi-assets Exchange and a member of THE World Federation of Exchanges (WFE) and has a Memorandum of Understanding (MoU) with many notable exchanges globally.
Chiemeka assured the company that NGX placed a premium on investor protection and urged the board and management to comply with the post-listing requirements.
The symbolic closing of the market was beaten by the Company’s Chairman, Chief George Oguntade.
