The Nigerian Stock Exchange (NSE) yesterday listed The Initiates Plc., a waste management company serving various sectors of the Nigerian economy with significant strides in the Nigerian hazardous waste sub sector.
A total of 889, 981, 552 ordinary shares of 50 kobo each of the company were listed at N0.85 per share by introduction on the Alternative Securities Exchange Market (ASEM) of the NSE.
Capital Limited, acted as the Lead Financial adviser and the Designated Adviser while Partnership Securities Limited, acted as joint adviser on the transaction.
According to the Managing Director/Chief Executive Officer of The Initiates Plc, Mr. Reuben Ossai, the listing is part of the management’s strategic plan to promote inclusive growth, transparency and price discovery.
He noted that 21st Century Nigeria is expected to witness technological growth, increased urbanisation, private sector controlled economy and environmental awareness.
“These changes will be accompanied with increased waste yield and complexity, more public demand for environmental protection and waste management services. 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 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 knowhow sourced locally in a bid to promote local production/fabrication and reduce reliance on foreign exchange,” he said.
In his comments, 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.
“The exchange is committed to helping indigenous companies grow into globally competitive brands whilst facilitating the creation of durable wealth and engendering the sustainability of emerging businesses in Nigeria, through our ASeM Board,” Onyema said.