Nation Media Group will tomorrow list all its shares at the Rwanda Over The Counter (ROTC) Market in the morning at an event to be held at Kigali Serena, Rwanda.
This follows approvals by the Capital Markets Authority of Rwanda and the ROTC Market.
A statement issued on Sunday indicates that the shareholders of the company at the Annual General Meeting held on 19th May 2010 passed a special resolution to offer the shares of the Company to investors across East Africa through the cross listing of the Company‘s shares on the Uganda Securities Exchange, the Dar es Salaam Stock Exchange and the ROTC Market.
”This effectively paved the way for the cross listing of the NMG shares after permission was granted to admit 157,118,572 issued ordinary shares of the Company to the Official List of the ROTC under the abbreviation NMG,” the statement said.
“It is expected that listing will become effective and that dealings in the ordinary shares of the Company on the ROTC Market will commence immediately after the listing on 2nd November 2010,” the statement added.
The ordinary shares of the Company have a nominal or par value of KShs.2.50 each and rank pari-passu with the right to participate in all future dividends to be declared and paid on the ordinary share capital of the Company.
NMG has been listed on the Nairobi Stock Exchange since 1973 and has a rich tradition of profitability and growth. The NMG shares recently cross-listed at the Uganda Securities Exchange and will also be cross-listed in Tanzania before the year’s end.
The cross-listing of the Company’s shares on the ROTC Market is mainly to the enhancement of the profile of the Company in Uganda, to recognize the emergence of capital markets growth in Rwanda as evidenced by the growth parameters at the ROTC Market and to foster the ideals of the East African Community Common Market Protocol.
“The cross listing is intended to not only communicate NMG business operations in East Africa and intentions for the East African Community member states but also to grow the level and diversity of owners who will now be able to buy into the Company’s vision of Media of Africa for Africa” says Linus Gitahi, NMG’s Chief Executive Officer.
Mr. Wilfred Kiboro, NMG Chairman says of the cross listing, “the Board is confident of the future of the Group’s performance and has continued to increase the shareholders value of the Company and while focusing on its core business activities, continues to explore within the region, for other possible business opportunities”.
Providing transaction advisory is African Alliance Uganda Limited, acting as both the Lead Transaction Advisor as well as Sponsoring Broker for the listing.