Templars has acted as legal counsel to Notore Chemical Industries plc (Notore) in connection with a Listing by Introduction of its entire issued ordinary shares on the Main Board of the Nigerian Stock Exchange (“NSE”).
With a total of 1,612,066,200 ordinary shares of ₦0.50 each listed at ₦62.50k, Notore made its debut on the Exchange with a market capitalisation of ₦100.75 billion.
The company is a vertically integrated agro-allied and chemicals business and a leading Nigerian player in the production and sale of fertilizer products. The Listing demonstrates its market-leading position in fertilizer manufacturing not only in Nigeria, but throughout the African continent. It marks a significant milestone in Notore’s growth trajectory as the Listing creates direct access to the capital markets for the Company whilst promoting liquidity in its shares. This is also a welcome development for the NSE as the Listing has added over N100 billion to the NSE’s market capitalization.
The Templars team on the transaction was led by partner, Zelda Akindele, who was assisted by associates, Egbiri Egbiri, Anita Omonuwa Ogbalu and Dumbili Ofili-Okonkwo.
Templars is delighted to have assisted Notore on its admission to the NSE, and we are proud to have been with the company from the start of its remarkable journey from privatisation, through to its current towering position as a leader in the African agri-business market. And we look forward to continuing to support the company as it rolls out its ambitious plans to develop new compound fertilizer blends as well as grow its annual production by approximately 50 percent from its current average of 300,000mt to approximately 450,000 mt.”
Zelda Akindele, Partner at Templars
The Listing exemplifies Templars’ market-leading track record acting on high profile Capital Markets transactions and listings of leading corporates.