THE Group Managing Director of Chams Plc, Gavin Young has disclosed that the firm has rebranded to Chams Holding Company.
The GMD said this was coming after the company had successfully changed its Nigerian Exchange (NGX) listing over 37 years after being founded.
Young explained that the company started the process in 2021 to meet requirements for the renewal and recapitalization of our Mobile Money and Switching payment licenses.
“Part of the requirements of the Central Bank of Nigeria was for Chams to change its listing to a non-operating holding company, which we have now successfully achieved. This change takes immediate effect and we will now be known as Chams Holding Company PLC,” he said.
While expressing further on the change, he noted that 2022 is a major year for the now Chams Holding Company.
“Though the migration to a HoldCo was a major component of our Consumer-Africa-Digital (CAD) 2024 Unicorn vision, led by our founder and Chairman Sir. Demola Aladekomo and our Board of Directors in 2020, it was also mandated by the Central Bank of Nigeria, as Chams Plc is the majority stakeholder in two major Central Bank of Nigeria payment licences via our subsidiaries ChamsSwitch Limited and ChamsMobile Limited.”
According to him, listing as a Holding Company means that we are focusing on our existing subsidiaries and business assets to build shareholder value, whilst incubating and growing other businesses within our subsidiaries, and also creating new subsidiaries as part of the Holding Company structure.