NSE migrates 4 companies from ASeM to Growth Board

The Nigerian Stock Exchange (NSE) on Monday announced the migration of four companies from the Alternative Securities Market (ASeM) to the Growth Board.

The companies are Chellarams Plc, Living Trust Mortgage Plc, McNichols Plc and The Initiates Plc.

The NSE also launched the associated Growth Board Index on Monday.

The migration of the companies followed receipt of their applications to be migrated from ASeM.

This led to the screening and approval by the National Council of The Exchange.

Mr Oscar Onyema, Chief Executive Officer of the NSE, said the migration “affirms the notable efforts of the four companies to meeting corporate governance standards and underpins the robustness of our market”.

Congratulating the companies, he said they would have access to a suite of value added services at the board, that would give them a competitive edge beyond access to capital.

“We believe that the inclusion of these companies on the All Share Index and the Growth Board Index of the NSE will provide increased visibility that will attract global investors.

The migration of the four qualified companies was commemorated with a virtual Closing Gong ceremony where top officials of the firms were given the honour to close the market.

The NSE Growth Board was launched to assist Small and Medium Scale Enterprises (SMEs) and growth-oriented companies looking to raise capital and promote liquidity in the trading of their shares.

It offers relaxed entry criteria with less stringent listing requirements, making it easier to attract capital flows along with reduced pre and post listing obligations.

The NSE Growth Board was launched on Jan. 29, 2020.