Business
ARADEL Holdings Plc, on Monday, said it listed on the Main Board of the Nigerian Exchange Ltd.(NGX) to leverage the capital market for future growth and expand its operations.
Mr Adegbite Falade, Managing Director of Aradel, said this at the Facts Behind the Listing of the integrated energy company and Closing Gong Ceremony to commemorate its listing at the NGX in Lagos.
The News Agency of Nigeria(NAN) reports that Aradel listed 4.34 billion shares on the NGX Main Board at N702.69 per share with a nominal value of 50k each, through a listing by introduction.
This boosted the market capitalisation of the NGX by N3.05 trillion, marking a significant milestone in the oil and gas sector’s participation in the stock market.
The listing followed the company’s recent announcement that it has signed a Sale and Purchase Agreement with global energy giant TotalEnergies and the Nigerian National Petroleum Company (NNPC).
This is to acquire a 100 per cent interest in the Olo and Olo West marginal fields, located onshore in Nigeria.
Falade said the listing cemented the role of the firm as a dominant player in both traditional and renewable energy sectors.
The managing director stated that the listing was also a testament to the company’s resilience, adaptability, and unwavering dedication.
This, he added, was to provide sustainable energy solutions that drive growth across communities and industries.
He said: “This will mark a historic milestone for Aradel, underscoring our commitment to creating long-term value for our shareholders and deepening our contributions to Nigeria’s economic landscape.
“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 energised future.”
Likewise, Mr Ladi Jadesimi, the Chairman of Aradel Holdings, said that Aradel aims to expand its footprint in the renewable space while maintaining leadership in the oil and gas sector.
“The listing of Aradel Holdings on NGX represents a pivotal moment for us and provides us with the platform to unlock further value for our shareholders.
“We are committed to driving sustainable growth in Nigeria’s energy industry, particularly in the renewables space, while continuing to excel in petroleum product exploration and refining,”he said.
Commenting, Alhaji Umaru Kwairanga, Chairman, Nigerian Exchange Group, said the Exchange was honoured to facilitate capital raising for companies like Aradel that play a critical role in Nigeria’s economic progress.
Kwairanga noted that the achievement of the listing was not just a win for Aradel, but a clear indication to both local and global investors that Nigeria’s capital market remains vibrant, resilient, and full of opportunities.
Also, Mr Temi Popoola, Group Managing Director, NGX Group, said that the listing of an equity for the upstream sub-sector of the oil and gas industry is significant and beneficial.
Popoola noted that this was also crucial in the 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,” he said.
Mr Jude Chiemeka, Chief Executive Officer (CEO) of NGX, also said Aradel’s listing highlighted NGX’s ability to support leading companies in their growth journey.
Chiemeka said, “This is not just a milestone for Aradel, but a key moment for the energy sector, demonstrating how the capital market could fuel efficiency and development in critical industries.
Aradel Holdings is one of the major player in Nigeria’s oil and gas industry, and operates across the entire oil and gas value chain, with business interests in the exploration, production and refining of petroleum products.(NAN)
A.I
Oct. 15, 2024
Tags: Aradel Holdings Plc Mr Adegbite Falade Nigerian Exchange Ltd.(NGX)
