The number of listed stocks under the Food/Beverages an d Tobacco sub-sector at the Nigerian Stock Exchange (NSE) has gone up to 12, as Dangote Flour Mills shares got listed Monday. Five billion shares of the indigenous company was listed at the price of 15.00 naira per share. On its first day at the trading floor, the share gained 0.75 naira to close at 15.75 naira. Speaking during the listing, company Chairman Aliko Dangote informed investors that the flourmill offer was oversubscribed by 100 billion naira or 621%
In September 2007, the company approached the capital market to raise 18.8 billion naira through the offer for subscription of 1.3 billion ordinary shares. With the latest listing, the company now has two of its subsidiaries listed on the Exchange. The first was Dangote Sugar Refinery Plc, which was listed in 2006. Dangote also told investors that the 10 million tonnes annual capacity Obajana Cement Company, the biggest of its kind in Nigeria, would soon be listed on the Exchange to ‘pave way for investo rs to share from its good fortunes’.
