Cititrust Financial Services Plc has proposed an allottment of N2 billion shares to be listed on the Nigerian Exchange Limited (NSE) after meeting all the requirements.
Country Director/Chief Executive Officer of Cititrust, Ikechukwu Peter, disclosed at the Statutory Meeting, during the presentation of the statutory report, to shareholders on Tuesday in Lagos.
He said that the statutory meeting was in line with the requirements of a Public Limited Company wishing to be listed on the NSE according to the Companies and Allied Matters Act (CAMA) 2020 Act.
He said: “This is a Statutory General Meeting is a step towards our aim of being listed in the NSE. I had earlier said that we would be listing on the floor of NGX on or before the end of the second quarter.
“This is actually a step to that aspiration. We have planned to go to Securities and Exchange Commission (SEC) to get our shares registered.
“To get this done, we need to get our shareholders approval and we have that now, our counterparties in the NSE are already waiting for us.
“We have been having engagements and discussions regarding how it should be done and I can gladly tell you that we are on course and the 2nd quarter is very visible.
“The total number of shares alloted is four billion ordination shares at N50k each fully paid of the total value of shares allotted of N2 billion and we have gone to CAC to get our share allotment sorted out,” he said.
According to Peter, the company currently has a total number of 55 shareholders which is exactly the number required by law to become a Plc, with the hope to increase.
Peter said: “The thing is for us to position ourselves for more growth, raise capital because before now we were owned by our parent company 100 per cent and by law, they are suppose to own about 70 per cent as a Plc and the other 30 per cent goes to the public.
“This is the opportunity to get more liquidity through this platform because the truth of the matter is, we are headed to the stock exchange, your shares will be actively traded, decide to expand your share base just to free up some more cash or get some more cash.
“The kind of business we do is financial services business which will require more funding every now and then. There is not much you can do with the money you have but if the fund is restricted, the things you can do will be restricted.
“We can only create the value that we can, based on the kind of funding that we have available to us. Listing on the exchange will give us visibility,” he said.
Peter assured shareholders that they will get value capital appreciation and maximisation of shareholders value because this step will better position and empower the company to offer more value.
Alhaji Danladi Yaro, Chairman of the Company in his remarks notified shareholders of the constituted Board of Directors and four Board Committees among others.
The shareholders present at the meeting approved and authorised the Company to register it’s shares with SEC and list it’s shares on the NSE among others.
Ms Florence Alao, the Company Secretary read the notice of the statutory meeting.