The Nigerian Stock Exchange (NSE) Alternative Securities Market (Asem) board got a boost with the listing of the Initiates Plc, 887,000,000 ordinary shares of 50 kobo each of the company at 85 kobo per share by way of introduction. The company which is into waste management services various sectors of the Nigerian economy with significant strides in the hazardous waste sub sector.
Commenting on the reason for the listing, the Managing Director/Chief Executive Officer Mr. Reuben Ossai, said they came to the market to increase their global visibility, diversification of venture capital holding, positioning of the company for expansion, ensure going concern continuity, further diversification of holding structure and financial risk diversification.
He noted that 21st Century Nigeria is expected to witness technological growth, increased urbanization, private sector controlled economy and environmental awareness. According to him these changes will be accompanied with increased waste yield and complexity, more public demand for environmental protection and waste management services.
Pointing out that these changes stress the need for the revision and implementation of environmental laws and policies that will improve the commercial value of waste management services. Hence, companies involved in the waste management industry shall have a huge market to serve, making it a very profitable venture over the long term.
The Initiates Plc seeks to develop these processes and remain a key player in the waste management industry, he said. Ossai disclosed that the company after inaugurating a Thermal Desorption Plant, thereby transitioning from consultancy services into waste management facility operation, it added operational lines (Cleaning/decontamination unit and E-Waste Processing Plant).
The new lines were built and fabricated wholly with materials and technical know-how sourced locally in a bid to promote local production/fabrication and reduce reliance on foreign exchange, he said. On his part, the CEO of the NSE, Mr. Oscar Onyema, said: The Company has successfully passed our stringent listing requirements and I commend their efforts to submit themselves to international best practices in governance.
According to him, the admission into market, puts the company on a pedestal for growth and sustainability. Stressing that the exchange is committed to helping indigenous companies grow into globally competitive brands.