Haldane McCall Plc, a real estate and hospitality company, on Wednesday, listed 3.12 billion ordinary shares of 50k each at N3.84 per share on the Main Board of the Nigerian Exchange Ltd. (NGX) by Introduction.
The company was admitted to the daily official list of NGX during a Closing Gong ceremony and presentation of its Facts Behind the Listings by the company’s Group Managing Director, Dr Edward Akinlade.
Following the listing, the share price of the firm appreciated by 10 per cent.
Akinlade said that the listing provides a platform for sustainable growth and value creation for the firm’s shareholders.
He stated that the milestone aligns with the firm’s strategic objectives to deepen its impact in addressing Nigeria’s housing deficit, which requires an estimated N21 trillion investment.
“What sets our company apart from our peers is that we buy land from banks, develop it and sell.
“There is a bright future for our company, as we intend to build affordable houses for Nigerians and expand through acquisition of companies,” he said.
Akinlade unfolded part of Haldane McCall’s future plan, including development of 1,000 affordable units in Lagos within five years, 100 middle-class homes across Lagos per annum.
Also, 50 rental homes across Porto-Novo, Republic of Benin and expansion of the company’s land banking holdings.
He assured capital market stakeholders of sustained growth in the company’s net profit, regular dividend payment of 30 per cent of its net earnings.
The group’s managing director also pledged to maintain strong investor relations to reinforce investors confidence and provide timely information of the company’s activities in line with post listing requirements of NGX.
On his part, Chairman, Haldane McCall Plc, Chief George Oguntade, disclosed that the company generated N15 billion in September.
Oguntade said this reflected the firm’s growing market relevance, as its affordable housing projects and hospitality developments in Lagos, Abuja, and Port Harcourt form the cornerstone of its expansion plans.
In his welcome address, the Group Chairman of NGX, Alhaji Umaru Kwairanga, commended the company’s Board on its decision to list on the Exchange.
Kwairanga described the listing as a demonstration of transparency in information disclosure.
The chairman noted that the 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.
In his remarks, the Chief Executive Officer(CEO), NGX, Mr Jude Chiemeka, congratulated the company on its admission to NGX.
Chiemeka explained that NGX was a multi-assets Exchange and a member of World Federation of Exchanges (WFE) and has a Memorandum of Understanding (MoU) with many notable exchanges globally.
He assured the firm that the NGX placed premium on investor-protection and urged the company’s board and management to comply with the post listing requirements.
