Haldane McCall To Debut On NGX With 3.122bn Shares

Haldane McCall Plc, a prominent real estate and hospitality company, is set to list 3.122 billion ordinary shares at N3.84 per share on the main board of the Nigerian Exchange (NGX) Limited, having received the regulatory go-ahead.

With a projected market valuation of nearly N12 billion (precisely N11.989 billion), the listing introduces Haldane McCall to Nigeria’s flagship stock exchange, marking a new growth chapter for the firm.

Haldane McCall, incorporated on March 27, 2012, has quickly established a strong foothold in Nigeria’s real estate and emerging markets. The company, known for its popular Suru Express Hotels and Suru Homes brands, is expected to enrich the equity market, bringing diversity to the NGX.

The listing application was facilitated by Finmal Finance Services Limited, Haldane McCall’s stockbroker, and received regulatory approval on October 10, 2024. This development follows Aradel Holdings Plc’s recent listing by introduction on October 14, 2024, which brought 4.34 billion shares valued at N702.69 per unit, totalling a market cap of N3.05 trillion, thus expanding the NGX’s diversity and capacity.

The strategic timing of Haldane McCall’s listing aligns with the increasing appeal of the Nigerian stock market as a funding source, especially given the high-interest rates in traditional banking, which have hindered growth. Haldane McCall’s Chairman, Mr. George Oguntade, and Managing Director, Mr. Edward Akinlade, lead the board and management, respectively, steering the company toward expansion and value creation.

Haldane McCall’s entry into the NGX offers a fresh investment opportunity for shareholders and is anticipated to boost the company’s capital access while deepening Nigeria’s equity market. The stock exchange’s platform has become essential for companies like Haldane McCall looking to tap into affordable growth capital amidst Nigeria’s evolving financial landscape.