Stakeholders Hails Zenith Bank’s Listing on LSE, Toasts Achievements

Shareholders of Zenith Bank Plc have endorsed plans by the financial powerhouse to list on the London Stock Exchange (LSE) just as capital market operators said the move is a blessing to Nigeria economy.

At the bank’s extra-ordinary general meeting (EGM) in Lagos, the shareholders overwhelmingly voted for the plan and returned flattering nods on the board and management of the bank.

The EGM was convened to enable shareholders consider and approve the recommendation of the board of directors for the dual listing of the bank’s shares on the London Stock Exchange through technical Global Depository Receipts (GDR) (Non capital raising).

Godwin Emefiele, group managing director, expressed the bank’s appreciation to entire the shareholders and investing public.
   
The listing the bank on the LSE  would give Zenith Bank access to International Investors, particularly global emerging markets (GEM) and other specialist investors as well as increase its visibility.

Emefiele also said that for existing shareholders, a successful listing of our shares on the London Stock Exchange will lead to increased demand for Zenith Bank shares which will translate to increase in share price.
     
Meanwhile, Mr. Emeka Okechukwu, professional stockbroker trading with Osbond Investment Limited has said that the dual listing of the bank’s shares on the London Stock Exchange is a blessing to Nigeria economy.

He said the listing would attract Investors including both high net-worth Investors like funds managers and Institutional Investors, pension fund administrators (PFA’s) across the Europe, London and America.

According to Okechukwu, the bank has no problem of depth in term of capitalization, liquidity and volatility in sub-Sahara African.

He also said the bank was one of the fastest growing in emerging market with high returns on investment including robust, dividend payout and bonus year on year.

Nodding in agreement, Sunny Nwosu, president, Independent Shareholder Association of Nigeria (ISAN) said the third quarter result is a glimpse of the huge honeypot in the offing for shareholders.