NGX Admits Aradel Holdings To Its Main Board, Boosts Market Capitalization By N3.05 Trillion
Aradel Holdings Plc, an integrated energy company has listed 4.34 billion shares on Nigerian Exchange Limited (NGX) Main Board on Monday, 14 October 2024. The shares, listed at N702.69 per share through a “Listing by Introduction,” boosted the market capitalization of NGX by N3.05 trillion, marking a significant milestone in the oil and gas sector’s participation in the stock market.
Aradel Holdings Plc, a major player in Nigeria’s oil and gas industry, operates across the entire oil and gas value chain, with business interests in the exploration, production, and refining of petroleum products. The listing offers investors the opportunity to engage with one of Nigeria’s most diversified energy companies, positioning it as a key entity on the Exchange.
In conjunction with the listing, was a Facts Behind the Listing event, during which senior executives presented the company’s growth strategy and financial performance to investors and stakeholders. Alhaji (Dr.) Umaru Kwairanga, Chairman of Nigerian Exchange Group, highlighted the importance of the listing, saying, “This achievement is not just a win for Aradel, but also a clear indication to both local and global investors that Nigeria’s capital market remains vibrant, resilient, and full of opportunities. We are honored to facilitate capital raising for companies like Aradel that play a critical role in Nigeria’s economic progress.”
Temi Popoola, Group Managing Director and CEO of NGX Group, emphasized the broader significance of the listing. “The benefits of an equity market listing for the upstream sub-sector of the oil and gas industry is especially crucial in light of its dire capital requirements and chronic underinvestment. Aradel has come to the market at a critical time as this and we are confident that our infrastructure here at NGX, both market and technology, can unlock the capital flows needed to ensure the sector thrives.”
Jude Chiemeka, CEO of NGX, echoed similar sentiments, stressing the role of NGX in supporting corporate growth and innovation. “Aradel’s listing highlights NGX’s ability to support leading companies in their growth journey. This is not just a milestone for Aradel, but a key moment for the energy sector, demonstrating how the capital market can fuel efficiency and development in critical industries.”
Speaking at the event, Mr. Ladi Jadesimi, Chairman of Aradel Holdings Plc, highlighted the company’s focus on innovation and sustainability, noting that Aradel is poised to expand its footprint in the renewables space while maintaining its leadership in the oil and gas sector. “The listing of Aradel Holdings on NGX represents a pivotal moment for us,” Jadesimi said. “We are committed to driving sustainable growth in Nigeria’s energy industry, particularly in the renewables space, while continuing to excel in petroleum product exploration and refining. This listing provides us with the platform to unlock further value for our shareholders.”
Commenting on the listing, the Managing Director/Chief Executive Officer of Aradel, Mr. Adegbite Falade, said, “this will mark a historic milestone for Aradel as we list on the NGX, underscoring our commitment to creating long-term value for our shareholders and deepening our contributions to Nigeria’s economic landscape. This listing is a testament to our resilience, adaptability, and our unwavering dedication to providing sustainable energy solutions that drive growth across our communities and industries. As we embark on this new chapter in Aradel’s transformation journey, we remain focused on operational excellence, strategic expansion, and delivering returns that reflect our track record and vision for an energized future.
Aradel Holdings Plc’s successful listing on NGX positions it to leverage the capital market for future growth, allowing the company to expand its operations and cement its role as a dominant player in both traditional and renewable energy sectors
