Airtel Africa Plc to list shares on Tuesday July 9, 2019

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The Nigerian Stock Exchange (NSE) said it is aware of various speculative reports which stated that the postponed Airtel Africa listing on NSE is scheduled for Monday, July 8, 2019. Rather, the NSE on Sunday said the official date for the listing is Tuesday, July 9th, 2019. The shares of the Telco would have been…

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Airtel Africa listing delayed by uncompleted procedural processes, says Mandava

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The planned listing of Airtel Africa on the Nigerian Stock Exchange (NSE) earlier scheduled for Friday was postponed due to uncompleted procedural processes, the Chief Executive Officer of the firm, Raghunath Mandava, has said. 
 
Mandava who was represented by the Managing Director and Chief Executive Officer of Airtel Nigeria, the Nigerian subsidiary of the firm, Segun Ogunsanya, made this known at the Fact Before the Listing held at the NSE on Friday. 
 
Although the CEO did not give details of the “processes” which he said the company was involved in with the capital market regulators, he only assured they would be finalized by the close of business on Friday. 
 
“We just have some procedural delay,” he said. “All the processes are in place, I am sure they will be completed today (Friday).”
 
The firm is expected to list on Monday once the processes are completed, according to the Airtel boss. 
 
On his part, Oscar Onyema, the CEO of the NSE, noted that the local bourse is a highly regulated market and it would notify the investing public on the new date Airtel Africa would list at the Exchange. 
 
“We would advise appropriately when the listing will happen,” Onyema said. “We need to have all the pieces of information together, there are processes at the back end that need to happen before we can list and trade.”

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VAT on securities dealings near as 5-year exemption set to expire

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Unless there is an official extension, effective July 25, 2019, Value Added Tax (VAT) will become applicable to commissions earned or payable on transactions conducted on Stock Exchanges in Nigeria. This is because that is the expiration date of the order which exempts VAT on commissions earned or payable on Stock Exchange transactions. As part…

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Ellah Lakes acquires 100% equity stake in Telluria

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Ellah Lakes Plc has acquired 100percent equity stake in Telluria Limited. The acquisition became effective on May 7, 2019. Having complied with all the necessary regulatory requirements, the acquisition was approved by the Nigerian Stock Exchange (NSE) and by the Securities and Exchange Commission (NSE).

The company said in a statement at the NSE that the primary objective of the acquisition is to strengthen Company’s balance sheet, restore customer confidence, provide access to new markets, improve operations and create organizational efficiencies that will drive profitability and increase shareholders’ value.

Ellah Lakes Plc is one of Nigeria’s foremost agriculture businesses, specialising in Fish Farming. It was incorporated on July 2, 1980 and listed on the Nigerian Stock Exchange on January 14, 1993. Ellah Lakes acquired Telluria in order to diversify its product offerings in the AgriBusiness sector.

The Board of Directors and Management of Ellah Lakes consider this business combination to be in the best interest of the Company and expect the transaction to; revitalize management; create access to diversified expertise and financial strength; (c) improve administrative and operational and efficiencies of the Company; and strengthen the Company’s market position by aiding access to new products and markets.

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What US Fed rates cut means for your investment in Nigeria

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It is becoming clearer more than ever before that the United States Federal Reserve would most likely cut it monetary policy rate soon as concerns mount over a negative impact of the ongoing trade war on its economy. Being the world’s largest economy, it is evident that this development would impact both equity and fixed…

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