Saturday, Oct 23rd 2021 12:20 PM

Market Digest Nigeria


Ellah Lakes lists additional 1.880m shares on NSE

Ellah Lakes

Ellah Lakes Plc has announced  the successful listing of additional 1.880 million shares on the main board of the Nigerian Stock Exchange (NSE).

Ellah Lakes’ listing of these shares on the NSE will create options for investors in the agri-business segment of the NSE. Consequently, this listing is expected to provide increased liquidity to existing shareholders. Speaking at the ‘Facts Behind the Listing’ held in Lagos, on Monday, the outgoing Ellah Lakes Plc CEO, Frank Ellah, said: “Today marks a milestone in the history of our company. After a number of years of challenging operational performance and trading illiquidity, with our new management in place, I am pleased to see the new trajectory of our growth as a business. We welcome existing and new shareholders to participate in our growth story.” Speaking on the listing, Chief Executive Officer, Chuka Mordi, said: “We are pleased to be embarking on this new phase in the journey of Ellah Lakes Plc. With the business combination of the assets of Telluria, Ellah Lakes is in a great position to deliver value to all shareholders.

”The enlarged Ellah Lakes is built on a foundation of growth to meet the needs of Nigerians for agricultural products, both as retail consumers and as industrial partners. We believe and expect to partake in Nigeria’s growth story as we continue to support the communities we operate in, and all our stakeholders.” The Chief Executive Officer, The NSE, Oscar Onyema, has chosen to use the platform to inform the market of its strategic plans, operational developments and financial projections. He said the Exchange recognises the role played by the board, management and other parties in the Telluria Limited acquisition transaction. “We also commend ongoing efforts to restructure and diversify the company’s operations from fish farming to a more competitive business in oil palm cultivation and processing.

“We believe that this new business strategy will position the company as a major player in the Agriculture sector. Accordingly, we encourage the company to consider leveraging on the NSE platform to raise capital to fund future business expansion.” Furthermore, Onyema noted that the NSE would also continue to provide products that are aligned to investors’ requirements whilst also ensuring a fair and orderly market. He added that the Exchange would continue to provide a platform to support listed companies to meet their strategic business objectives. “We will continue to position ourselves as the Exchange of choice for African issuers and global investors by implementing far-reaching transformational policies aimed at strengthening the corporate governance of our listed companies.”

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