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PHCN succesor companies to be listed on NSE

25 July 2013, 11:13

Lagos  - Benjamin Dikki, Director-General, Bureau of Public Enterprises (BPE), said 17 Power Holding Company of Nigeria (PHCN) successor companies would be listed on the Nigerian Stock Exchange (NSE).

Dikki said this during a courtesy visit and ringing of the closing bell on the Nigerian Stock Exchange (NSE) on Wednesday in Lagos.

He said that the companies would be listed on the NSE in the next few years as soon as the Nigerian electricity supply sector moved into the hands of private sector owners.

Dikki said, "The remaining government shareholdings in the distribution companies (DISCOs) currently being privatised through core investor sale strategy, would be divested through the exchange.’’

He said that many of the enterprises privatised required some level of investment to improve their financial standing to attract Initial Public Offering (IPO) candidates.

The director-general said that the Federal Government divested a minimum of 51 per cent equity in the privatised enterprises, adding that noting that, the 49 per cent balance would be sold to the Nigerian public through IPOs.

According to him, the IPOs were delayed by the downturn in the economy which made the turnaround of the companies protracted.

"Presently, some investors have significantly improved the performances of the partially or fully privatised enterprises and achieved acceptable financial records to go public,’’ Dikki said.

He said that, "In the near future, many of the companies like Eleme Petrochemicals, SAHCOL, Transcorp Hilton, Nigerdock, among others, will be ready for listing.’’

Dikki said that the BPE would continue to support and recommend initiatives to the Federal Government to ensure listing and deepening of the capital market.

He said that companies in the oil & gas sector of the economy would approach the market after the passage of the Petroleum Industry Bill (PIB).

Dikki said that 55 out of 111 enterprises scheduled for privatisation were privatised via public floatation during the first phase of the privatisation programme in 1989.

He said that the privatisation programme resulted in the listing of companies in banking, oil and gas marketing, manufacturing, hotels and hospitality sectors of the economy.

 - NAN

Tags phcn nse bpe pib

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