The Director General of the Bureau of Public Enterprise (BPE), Mr. Benjamin Dikki, Wednesday assured stock market operators that some of the companies that would come out of the unbundling of the Power Holding Company of Nigeria Plc (PHCN) would be listed on the Nigerian Stock Exchange (NSE).
The unbundling of the PHCN led to the establishment of about 17 electricity distribution companies (Discos) generating companies (Gencos) that are being sold to private investors.
Speaking during a visit to the NSE in Lagos, Dikki said the companies would come to the exchange for listing because the remaining government shareholdings would be divested through the exchange.
“The Gencos will come by way of differed public offer later. We also expect many of the companies to come to the capital market to raise long term finance. I want to assure you that the federal government is committed to growing and increasing the depth of the capital market.
The federal government recognises the role of the capital market in providing long term funding that will drive investments in the country,” he said.
The BPE boss disclosed that the relationship between the organisation and the NSE was a long standing one, saying that during the first phase of the privatisation programme in 1989, 55 out of 111 enterprises scheduled for privatisation were through public floatation.
“The programme recorded a success that resulted in the listing of companies in the banking, oil and gas marketing, manufacturing, hotels and hospitality sectors of the economy,” Dikki said.
He added the reforms in the transport sector, housing and agricultural sectors will throw vast investment opportunities for the capital market to finance, disclosing that soon the Roads, Railways, Inland Waterways and Port Harbour Bills would be presented to the Federal Executive Council for approval and transmission to the National Assembly for enactment.
Meanwhile, trading at the stock market closed in the bears’ territory as investors continued to take profit from the recent bull run that lasted eight trading days.
The NSE All-Share Index shed 0.87 to close at 37,554.73, while market capitalisation declined by N105 billion to close at N11.893 trillion.