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By Chukwuma Umeorah
Royal Exchange Plc has announced that Nexamont Company Limited acquired 1,770,499,535 units of its ordinary shares, representing at least 21.4 per cent equity stake in the company.
In a statement to the Nigerian Exchange Limited (NGX), the company said it received notification from Nova Finance Securities Limited, the financial advisers to Nexamont, confirming the acquisition through the secondary market. Royal Exchange Plc has a total of 8,266,698,940 shares outstanding.
Following the transaction, the share price of Royal Exchange rose by 2 percent or 4 kobo to close at N2.04 on Friday, September 19, after remaining unchanged for two consecutive trading days.
Royal Exchange disclosed that, pursuant to Rule 17.13 (a), Part II of the NGX Rulebook, it was informing the Exchange, its shareholders, and the investing public that Nexamont Company Limited is now a beneficial owner of 1,770,499,535 ordinary shares in the company.
The announcement followed the management of Royal Exchange reiterating its commitment to reposition the organisation into a world-class business, leveraging on the trust it has built in the market over several decades. The assurance followed the recent appointment of Idu C. Okeahialam, a veteran of the financial services industry, as the Group Managing Director (GMD) of the holding company.
The company operates through its subsidiary, Royal Exchange Finance Company, and has affiliate companies including REX Insurance, Royal Exchange Microfinance Bank, and DOT HMO.
