Aradel Holdings Plc (“Aradel” or “the Company”), Nigeria’s leading integrated energy company, is pleased to announce that it has received all regulatory approval to list its ordinary shares on the Main Board of Nigerian Exchange Limited (“NGX” or “the Exchange”) by way of a Listing by Introduction on Monday, October 14, 2024.
Aradel, upon being listed, will immediately qualify to enter the NGX 30 Index and NGX Oil and Gas Index. Aradel’s listing on NGX expands the investment opportunities for investors looking for quality and dividend-paying companies. The listing further democratizes investing in the oil and gas sector by broadening the investor base and deepening the Nigerian capital markets in alignment with the vision of Aradel’s Founding Fathers – for ordinary Nigerians to have the opportunity to invest in and benefit from Nigeria’s oil and gas sector. Aradel’s listing on the NGX underscores its strategic vision, positioning it as a major publicly listed entity on Nigeria’s foremost stock exchange and expanding opportunities for both the company and its shareholders.
The company’s shares had previously been available to trade on NASD OTC Securities Exchange (“NASD”) since August 1, 2013. The withdrawal and transition from NASD, where Aradel established a solid track record of liquidity and transparent price discovery, marks an exciting new chapter in the company’s growth story. Trading on NASD ceased on Friday, October 11, 2024.
Commenting on the listing, the Managing Director/Chief Executive Officer of Aradel, Mr. Adegbite Falade, said, “Monday, October 14, 2024 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”.
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.”
Chapel Hill Denham and Stanbic IBTC Capital have acted as Financial Advisers to Aradel. Templars acted as Legal Adviser and CardinalStone Securities, the Stockbroker.
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