NGX Lists 91m Shares of Ronchess Global Resources on Growth Board

Tuesday, December 21, 2021 / 04:20 PM / by NGX / Header ImageCredit: NGX

NigerianExchange Limited (NGX), has announced the listing of Ronchess Global ResourcesPlc and also facilitated the financing of over N5 trillion in capital raised bygovernments and corporates so far in 2021.

The Chief Executive Officer, NGX, TemiPopoola made this known during the Closing Gong Ceremony to commemorate thesuccessful listing of 91,000,000 ordinary shares of Ronchess on the GrowthBoard of the exchange, held last Friday.

Represented by the Divisional Head,Listing Business, NGX, Olumide Bolumole, Popoola stated that the NGX All ShareIndex (ASI) has continued to remain resilient in the face of majormacro-economic shocks including; increased insecurity, foreign exchangevolatility amongst others.

He noted that In spite of the challenges,the NGX has continued to play its role as a capital aggregator connectinginvestors with opportunities across sectors including in infrastructure throughcompanies such as Ronchess, "In the course of year, our support for capitalraising have continued with NGX facilitating the financing of over N5 trillionin capital raised by governments and corporates".

Whilst congratulating Ronchess GlobalResources' effort in listing its shares, the NGX CEO said, the exchange isquite optimistic that the listing will spur activities on the Growth Board evenas it continues to encourage businesses to list their securities in the marketand investors to deploy capital across its various financial products.

"Today's new entrant to NGX, Ronchess, isa leading provider of traffic solutions, construction, and procurement servicesin Nigeria with a large client base cutting across corporates and MDAs. Thislisting signals the importance of the Growth Board and reinforces NGX's commitmentto supporting issuers in achieving their strategic objectives", he said.

In his remarks, Managing Director,Ronchess Global Resources Plc, Mr. Jackson Ukuevo, express a profound gratitudeto the board and management of Nigerian Exchange Limited and Securities andExchange Commission (SEC) for the regulatory approval given to Ronchess to liston NGX today.

Having successfully listed on the growthboard of NGX, almost double the valuation on the mainboard requirement of NGXand weigh in the essence of the growth board valuation requirement.

He further thanks all the professionalparties to this transaction; Signature Advisory Limited the InstitutionalService Provider, FSDH Capital Limited the Broker to the transaction andMainstreet Capital Limited the Financial Adviser among others for their hardwork and dedicated efforts towards the actualization of a successful listing.

The Growth Board is designed to encouragegrowth-oriented companies to leverage the capital market in raising long-termcapital, stimulate growth, and promote liquidity. The board targets fast-growthcompanies such as Ronchess, who have demonstrated the appetite to enhance theirattractiveness in the global market and connects them with an extensive pool ofboth local and international investors.