Notore lists N100bn shares at stock market

APort Harcourt-based fertiliser makerNotore Chemical Industries has listed 1.612 billion ordinary shares worth N100.75 billion ($330 million) at the Nigerian Stock Exchange yesterday.

The listing which is the first this year, was done in the industrial goods sector of the NSE at N62.50 per share.

Notore , which is a vertically integrated agro-allied, chemical and power group based in Onne Rivers State has six subsidiaries. They are Notre Supply & Trading Mauritius Limited, Notore Power Limited, Notore Seeds Limited, Notore Foods Limited and Notore Industrial City Limited.

Speaking on the reasons for the listing on the NSE, the Group Managing Director/ Chief Executive Officer of Notore Plc, Mr. Onajite Okoloko, said it is to support the Nigerian government’s effort to deepen the capital markets, improve liquidity and tradability of the company’s shares, increase its visibility and credibility in the Nigerian market and beyond.

“The listing will also increase access to capital in order to fund the company’s future growth initiatives and grant Nigerians the opportunity to participate in the Notore’s growth history,” he said.

Formerly O-Secul Fertilizer Company Limited, Notore was established in 2005 when it acquired the core assets of the National Fertilizer Company of Nigeria (NAFCON).