Page 10 - AfrElec Week 40 2022
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AfrElec COMPANIES AfrElec
Nigerian power company
Geregu shares rise 10% on
first day of NGX trading
NIGERIA GEREGU Power, the first Nigerian power com- At the close of market on Wednesday, Geregu
pany to list on the Nigerian Exchange (NGX), rose to NGN 110 ($0.26) per share, boosting its
rose 10% at the close of trading on its first day on market cap by 10%.
the stock market. On October 5, the day of listing, NGX chair-
The company listed 2.5bn ordinary shares man Abubakar Mahmood revealed his hope that
at a share price of NGN 100 per share ($0.23), more power companies would decide to list.
valuing the company at NGN 250bn ($578mn) “It is our expectation that the Geregu Power
before the start of trading. listing will encourage other power generation
Geregu is the first electricity company to be and distribution companies to list their shares
listed on the NGX in its entire history. Founded on the Exchange, thereby opening the sector
in 2006, is it among the companies formed from up to cheaper, long-term capital that will boost
the now-defunct Power Holding Company of infrastructural development and value creation,”
Nigeria (PHCN). It started operations in 2007 he said.
and has since supplied the national grid with
electricity.
P10 www. NEWSBASE .com Week 40 06•October•2022
