The Nigerian Stock Exchange (NSE) has officially become a public company and will henceforth run limited by shares, after consummating a demutualization process that took about 11 years. The development makes the NSE the 57th exchange in the world to embrace transformation since the Stockholm Stock Exchange made the move in 1993. According to PremiumTimes, the NSE will be at liberty to list its own shares and trade them on the bourse with approvals from market watchdogs Securities and Exchange Commission (SEC) and Corporate Affairs Commission (CAC).
“Under the demutualisation plan, a new non-operating holding company, the Nigerian Exchange Group Plc (‘NGX Group’) has been created,” the NSE said Wednesday in a statement.
“The Group will have three operating subsidiaries, namely: Nigerian Exchange Limited (NGX Limited), the operating exchange; NGX Regulation Limited (NGX REGCO), the independent regulation company; and NGX Real Estate Limited (NGX RELCO), the real estate company. All the entities have been duly registered at the CAC.”
