Royal Exchange Plc said it received a letter from Nova Finance Securities Limited, the Financial Advisers to Nexamont Company Limited (Nexamont), notifying the Company that Nexamont has acquired 1,770,499,535 units of ordinary shares of Royal Exchange Plc through the secondary market.
This share purchase by Nexamont represents at least 21.4 percent equity stake in Royal Exchange Plc. The company has 8,266,698,940 shares outstanding.
The share price of Royal Exchange rose by 2 percent or 4 kobo on Friday, September 19 to N2.04, after being static for two days.
The new management of Royal Exchange Plc recently reiterated its determination to transform the organisation into a world-class business, leveraging on the trust it has built in the market over the decades.
The assurance came on the heels of the recent appointment of Idu C. Okeahialam, a veteran of the financial services industry, as the Group Managing Director (GMD) of the Holding Company.
The current ownership structure of Royal Exchange Plc is Royal Exchange Finance Company, a fully owned subsidiary, with REX Insurance, Royal Exchange MFB, and DOT HMO as affiliate companies.
Pursuant to Rule 17.13 (a), Part II of the Rulebook of Nigerian Exchange Limited (NGX), Royal Exchange Plc informed the Exchange, its shareholders and the investing public that Nexamont Company Limited is now a beneficial owner of 1,770,499,535 ordinary shares in Royal Exchange Plc.