The Nigerian Stock Exchange has announced that it has completed the selection of designated advisers for the Alternative Securities Market.
This is coming ahead of the expected inauguration of the ASeM later this month.
A statement by the NSE on Thursday, explained that successful candidates for the position of DAs would be announced soon by the Exchange.
The ASeM is a specialised board on the Nigerian bourse where small to mid-sized companies can access the capital market under less stringent rules and requirements to raise long term, low cost capital.
The statement said, “The NSE has announced that it will be launching an Alternative Securities Market in April 2013 for Emerging Companies with high potential for growth in Nigeria.
“The NSE has already completed the selection process for the DAs and is on the verge of announcing the successful applicants in a few days ahead of the official launch of the ASeM Board slated for later this month.”
The NSE’s Executive Director, Business Development, Mr Haruna Jalo-Waziri, said in the statement stressed the importance of the companies in this segment of the economy to national growth, hence the need to have them participate fully in the market.
He said, “The NSE is a staunch believer in the critical role of emerging enterprises in a developing economy and as such, we have taken the bold move of providing a platform for sustainable growth and development of these companies.
“The ASeM Board will allow issuers; especially indigenous companies the opportunity to inject relatively low cost and long term capital into their businesses through flexible rules that recognise their growth potential rather than the size of operation.”
Speaking further on the functions of the DAs, the GM Listings, Sales and Retention, NSE, Mrs. Taba Peterside, said, “The DAs will be required for all companies listed on the ASeM Board of the Exchange to ensure compliance with all the requirements and obligations of the Alternative Securities Market.
“They will also provide professional resources to qualifying companies for guidance and advice on securities-related matters.”
The NSE had announced that its major focus for 2013 would be the Small and Medium Scale Enterprises, adding that it would be re-invigorating its ASeM segment.
The Head, ASeM of the NSE, Mr. Frankline Nwaubani, said, “We have several initiatives lined up to boost our equities market this year, and part of that is to ensure that more companies come on board to give investors more room to invest in our market.
“One of the initiatives we are looking at is the SMEs, and we are targeting them because we know of their importance to any successful economy.”