Shares of Jaiz Bank Plc have been listed on the floor of the Nigerian Stock Exchange (NSE) and trading on them commenced on Thursday.
A statement from the bank said: “The bank’s Managing Director/CEO Hassan Usman officially rang the NSE’s bell to open the 29,464,249,300 Ordinary Shares to the public.”
The shares the statement said: “Have per value of 50 kobo per share with an Introduction price of N1.25.”
Shareholders of the Bank unanimously endorsed the listing at an extraordinary general meeting in November 2016.
In his Facts behind the Listing presentation, Usman said the paid-up capital of the Bank stands at N14.7 billion divided into 29.5 billion Ordinary Shares.
The Listing he believed “would promote liquidity for the Bank’s shares, enhance the value of the company and increased transparency. It is also in fulfilment of an earlier promise made at the inception of the Bank to the shareholders and the public.”
According to him, “Our listing today, I am sure will elicit public confidence that Non-Interest Banking provides an alternative model that will contribute to the socio-economic development of our country,” he said.
On the future outlook of the bank, the CEO said going by the growth trajectory which averaged 30% per annum, Jaiz Bank’s prospects are bright. The projection for the next five years indicates a gross revenue of N16 billion by 2021 and profit before tax of N7.9 billion.
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This post was last modified on February 14, 2020 7:33 AM