NGX approves Jaiz Bank private placement of 10.048bn shares - Businessday NG

2024-03-13 13:28:36

Businessday NG

The Nigerian Exchange Limited (NGX) on February 28 approved the application of Jaiz Bank Plc's private placement of 10.048 billion units at N1 per share and the listing.

The Exchange listings report shows that Finmal Finance Services Limited; APT Securities Limited; AVA Capital Partners Limited; and Emerging Africa Capital Limited were the issuing house(s)/financial adviser(s) while the stockbrokers are Finmal Finance Services Limited and Kundila Financial Services Limited.

Jaiz Bank Plc is the first fully-fledged non-interest financial institution in Nigeria. The bank was granted a banking license to carry on the business of non-interest banking and commenced operation on January 6, 2012, with three branches in two states and the Federal Capital Territory.

It was established as a private limited liability Company but was converted to a public limited liability company in April 2016 and now trades its stock on the Nigeria Exchange Limited (NGX).

At the Exchange, Jaiz Bank Plc has 34,541,172,377 shares outstanding, each valued at N2 as at Wednesday, March 13. Jaiz Bank Plc with a free float value of N15.678 billion (23.40 percent) as at December 31, 2023, is compliant with the Nigerian Exchange Limited free float requirements for companies listed on the Main Board.

The company's recently released results for the period ended December 31, 2023, shows significant shareholders (5percent and above) for year 2023 and 2022. Only six shareholders account for 23.441 billion units of Jaiz Bank's shares representing 67.87percent of the issued share capital.

Muhammadu Indimi owns 8.310 billion units or 24.06 percent, followed by Dantata Investment & Securities Limited which own 4.023 billion units of Jaiz Bank or 11.65 percent. Umaru Abdul Mutallab owns 3.5billion units or 10.13 percent.

Altani Investment Limited holds 2.6 billion units of Jaiz Bank shares or 7.53percent, Islamic Development Bank holds 2.506 billion or 7.26percent, while Dangote Industries Limited holds 2.5billion units or 7.24 percent of Jaiz Bank's shares.

2024-03-13 News