The Nigerian Exchange Limited (NGX) has announced the listing of Ronchess Global Resources Plc on the growth board, a division of the equities market dedicated to fast-growing small and medium companies.
The management of the Nigerian bourse also noted that so far in 2021, it has facilitated the financing of over N5 trillion in capital raised by governments and corporate.
The Chief Executive Officer, NGX, Temi Popoola made this known during the Closing Gong Ceremony to commemorate the successful listing of 91,000,000 ordinary shares of Ronchess on the Growth Board of the exchange, held last Friday.
Represented by the Divisional Head, Listing Business, NGX, Olumide Bolumole, Popoola stated that the NGX All Share Index (ASI) has continued to remain resilient in the face of major macro-economic shocks including; increased insecurity, foreign exchange volatility amongst others.
He noted that In spite of the challenges, the NGX has continued to play its role as a capital aggregator connecting investors with opportunities across sectors including in infrastructure through companies such as Ronchess, “In the course of year, our support for capital raising have continued with NGX facilitating the financing of over N5 trillion in capital raised by governments and corporates”.
Whilst congratulating Ronchess Global Resources’ effort in listing its shares, the NGX CEO said, the exchange is quite optimistic that the listing will spur activities on the Growth Board even as it continues to encourage businesses to list their securities in the market and investors to deploy capital across its various financial products.
“Today’s new entrant to NGX, Ronchess, is a leading provider of traffic solutions, construction, and procurement services in Nigeria with a large client base cutting across corporates and MDAs. This listing signals the importance of the Growth Board and reinforces NGX’s commitment to supporting issuers in achieving their strategic objectives”, he said.
In his remarks, Managing Director, Ronchess Global Resources Plc, Mr. Jackson Ukuevo, express a profound gratitude to the board and management of Nigerian Exchange Limited and Securities and Exchange Commission (SEC) for the regulatory approval given to Ronchess to list on NGX today.
Having successfully listed on the growth board of NGX, almost double the valuation on the mainboard requirement of NGX and weigh in the essence of the growth board valuation requirement.
He further thanks all the professional parties to this transaction; Signature Advisory Limited the Institutional Service Provider, FSDH Capital Limited the Broker to the transaction and Mainstreet Capital Limited the Financial Adviser among others for their hard work and dedicated efforts towards the actualization of a successful listing.
The Growth Board is designed to encourage growth-oriented companies to leverage the capital market in raising long-term capital, stimulate growth, and promote liquidity. The board targets fast-growth companies such as Ronchess, who have demonstrated the appetite to enhance their attractiveness in the global market and connects them with an extensive pool of both local and international investors.