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Tag: NSE

  • NSE: ‘Demutualisation’ll enhance transparency’

    The conversion of the Nigerian Stock Exchange (NSE) from a not-for-profit limited by guarantee entity into a profit-making, shareholders-owned public limited liability company will enhance transparency at the stock market. The conversion is known technically as demutualisation.

    Founding National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, said the demutualisation of the 57 years old Exchange will enhance corporate governance and integrity of the disclosures at the Exchange and the overall market.

    According to him, conversion will lead to greater level of accountability, efficient use of resources and more inclusive participation by all Nigerians just as we have in other quoted companies.

    “So many things are happening; some people may take it to mean that as a non-profit organisation it means you have to finish up all money made, you share it among the people concerned. But when it is demutualised, there will be an account like what was presented to us today. So we can hold on to the managers of the demutualised stock exchange to disclose fully every aspect of their accounts,” Nwosu said.

    He said the demutualisation of the Exchange must be done in a way that recognises the historic importance of the Exchange and the role of the Nigerian people, through the government, in the establishment of the Exchange.

    He urged the National Assembly to pass the enabling law that will facilitate the demutualisation of the Exchange, noting that the conversion will make the Exchange to be more competitive and to make returns to shareholders by paying dividend.

    He reiterated that shareholders remained opposed to the establishment of a trust fund for the management of unclaimed dividend.

    Nwosu however assured that shareholders will support other reforms that will improve the process of dividend payment and management.

    “There are jurisdictions where dividends can never be statute-barred but what we do not want is setting up of a trust fund because we know that people’s money in government’s hand can get missing, nobody owns it and they can squander the money. Before you know it, those that will be appointed administrators will start buying jeeps and going about spending our money,” Nwosu said.

    While the NSE was initially incorporated under the Companies Ordinance of 1958 on September 15, 1960 as a private company limited by guarantee with a share capital, it was re-registered as a company limited by guarantee without a share capital in 1990 upon the enactment of the Companies & Allied Matters Act, Cap C20, 2004, (CAMA), which replaced the Companies Ordinance (1958). CAMA had required all companies limited by guarantee that had a share capital to be converted to companies limited by guarantee without share capital, thus the Exchange’s Memorandum of Association was duly altered and the NSE has since been a not-for-profit corporate legal entity without a shareholding structure.

    The demutualisation process was launched in 2002 with the approval-in-principle of the conversion by the council of the Exchange. Members of the Exchange in March 2017 passed crucial resolutions that authorised the council and management to proceed with the process leading up to the demutualisation of the Exchange.

    The members of the Exchange also ratified and approved the engagement of financial advisers, legal advisers, tax advisers and any other adviser that may be required for the demutualisation while mandating the council and management “to do all such things and exercise all such powers as may be necessary or incidental to achieving the objective” of demutualisation, subject to applicable laws and regulations and obtaining the approvals of members and the relevant regulatory authorities.

    Out of the 27 African stock exchanges under the auspices of African Securities Exchanges Association (ASEA), seven stock exchanges including Johannesburg, Nairobi, Mauritius, Seychelles, Rwandan, Casablanca stock exchanges and BRVM are demutualised.

    Academic research on the effect of demutualisation on the financial performance of 20 demutualised exchanges between 1996 and 2008, suggests that the return on equity increases by an average five per cent to 20 per cent, with the average net profit margin increasing by 14 per cent to 30 per cent.

    Demutualisation has also contributed positively to stock market performance. On the back of strong macro-economic performance, improved regulation and other factors, the Johannesburg Stock Exchange (JSE) All Share Index has grown by 280 per cent since its demutualisation in 2005 to reach 53,817.31 points as at the end of April 2017. Following demutualisation, a number of stock exchanges had re-positioned their markets, building alliances or consolidating within and across borders in order to enhance their attractiveness. For example, in 2006, the Australian Stock Exchange merged with the Sydney Futures Exchange to form the Australian Securities Exchange (ASX). In 2007, the New York Stock Exchange (NYSE) merged with Euronext to form NYSE Euronext, creating the world’s largest stock exchange with revenues of $4.5 billion.

  • NSE launches Nasdaq’s surveillance technology

    The Nigerian Stock Exchange (NSE) has launched a new market surveillance platform being operated by SMARTS, Nasdaq’s flagship surveillance solution.

    The technology will enable the NSE to proactively monitor market manipulation including spoofing and layering, detect and deter manipulative tendencies, gather intelligence, carry out traders’ monitoring and analysis, conduct multi-asset and cross-market surveillance, and execute risk-based supervision of flagged participants.

    General Counsel and Head of Regulation, Nigerian Stock Exchange (NSE), Tinuade Awe, said the SMARTS technology allows the Exchange to proactively analyse patterns and trends to make sense of the vast amounts of data for investigative purposes and protection of investors, while strengthening the integrity of the Nigerian capital market.

    “As we enter the growth phase of the development of our market, including the introduction of new asset classes such as derivatives, there will be the imperative of processing significant volumes of market information in real-time to detect anomalies,” Awe said.

    In his remarks, Head of Exchange & Regulator Surveillance, Market Technology, Nasdaq, Tony Sio said the SMARTS performs universal surveillance of all asset classes, adding that it provides a strong platform for the NSE to develop new products such as derivatives.

    “Through SMARTS, NSE is leveraging the latest in surveillance technology and demonstrating its commitment to fostering a strong marketplace,” Sio said.

    He reiterated the commitment of Nasdaq to a long partnership with the NSE as the Nigerian markets evolve.

    Nasdaq SMARTS Surveillance solutions have been the industry benchmark for real-time, cross-market, cross-asset surveillance for more than 22 years. Used by more than 3,500 compliance professionals around the world, SMARTS currently powers surveillance at 47 marketplaces, 17 regulators and more than 140 market participants across 65 countries.

  • NSE okays N59b rights issue for Unilever Nigeria

    NSE okays N59b rights issue for Unilever Nigeria

    The Nigerian Stock Exchange (NSE) has approved Unilever Nigeria PLC’s plan to raise N58.9 billion in new supplementary equity issue.

    This will pave way for the fast-moving consumer goods company to round off the pre-offer process and open subscription to the new offer.

    According to the document obtained at the weekend by The Nation, Unilever Nigeria will be raising N58.9 billion in new equity funds by selling 1.962 billion ordinary shares of 50 kobo each to  its shareholders at a price of N30 per share.

    The rights issue will be pre-allotted to shareholders in the register of the company as at the close of business on June 28, on the basis of 14 new ordinary shares for every 27 ordinary shares held.

    Shareholders of Unilever Nigeria had at the Annual General Meeting (AGM) in Lagos approved a proposal by the board of the company to raise up to N63 billion in new equity funds by selling new shares to its shareholders.

    In preparation for the rights issue, shareholders also increased the authorised share capital of the company to N5 billion or 10 billion shares through the creation of additional 3.95 billion ordinary shares of 50 kobo each.

    Unilever Plc, United Kingdom, the majority core investor in Unilever Nigeria, is expected to provide about N35.4 billion in the capital raiser. It holds 60.06 per cent majority equity stake in Unilever Nigeria through its Unilever Overseas Holdings BV. Stanbic Nominees Nigeria Limited holds the second largest equity stake of 10.43 per cent in Unilever Nigeria.

    Unilever UK has shown sustained interest in increasing its majority shareholding in the Nigerian subsidiary. It mopped up additional shares through open market purchases at the NSE to increase its majority stake by 1.53 per cent from 58.53 per cent in 2015 to 60.06 per cent last year. It had also made open market purchases in 2015.

    Unilever UK will be required to contribute at least N35.35 billion to the rights issue to retain its  shareholding and the multinational may increase its stake by applying for additional shares from renounced rights.

    Unilever UK had earlier indicated it intended to acquire up to 75 per cent controlling equity stake in the Nigerian subsidiary. It had in first half of 2015 sought to increase its majority equity stake in the Nigerian subsidiary from 50 per cent to 75 per cent, citing long-term strategic importance of Unilever Nigeria to its global business.

    In a transaction initially valued at about N43 billion or £144.5 million, Unilever Overseas Holdings sought to increase its equity stake in the Nigerian company from 50.04 per cent up to a maximum of 75 per cent by buying additional shares from minority shareholders. The tender offer sought to acquire about 942.42 million ordinary shares in Unilever Nigeria at a price of N45.50 per share in cash.

    Unilever Overseas Holdings B.V. had said it was making the additional share acquisition as part of long-term strategic plan by the conglomerate as it believes that Nigeria offers significant growth potential.

    “The Unilever Group has had a major presence in Nigeria for many years and continues to believe that the country offers significant growth potential. This makes Nigeria a strategic long term investment priority for Unilever Overseas. Globally, the Unilever Group is focused on investing in the foods, household and personal care categories and the long heritage and great brands of Unilever Nigeria in these categories in Nigeria make it attractive for Unilever Overseas to increase its holding in Unilever Nigeria, whilst maintaining its stock exchange listing,” Unilever stated.

  • NSE is a hub of innovation, says Onyema

    Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr Oscar Onyema, said the Exchange has continued to position itself not only as a credible platform for raising capital, but also a hub for innovative and creative ideas.

    He said the Exchange has introduced many ground-breaking innovations into the marketplace, such as the Green Bonds and FGN Savings Bond.

    According to him, the NSE has automated the mechanism for trading rights issues on its exchange while it continues to work towards the launch of exchange-traded derivatives.

    He noted that the Exchange recently launched the X-Academy, a financial literacy and inclusion platform designed to provide education services to individuals who want to gain a better understanding of various aspects of the capital markets.

    Onyema, who spoke on the efforts of the Exchange at a roundtable organised in partnership with Bloomberg, said the Exchange had through events, such as the roundtable, been able to bring to the fore and push for resolution of key issues in the economy.

    According to him, the key action items that the Exchange had been able to support from the two previous editions of the roundtable include foreign exchange accessibility, resolution of issue of double taxation and ease of doing business.

    He added that since the last edition of the roundtable, the Exchange has been able to engage other stakeholders to move forward the review of Companies and Allied Matters Act (CAMA), demutualisation, Investment and Securities Act (ISA) bills and other bills receiving legislative attention that would create the right framework for business to thrive in the country.

  • NSE approves delisting of Ashaka Cement

    Authorities of the Nigerian Stock Exchange (NSE) have approved the delisting of Ashaka Cement Plc from the Exchange, paving the way for the subsidiary of Lafarge Africa to revert to a private limited liability company.

    The approval by the Quotation Committee of the Exchange capped a long-drawn process that had seen Lafarge Africa staking cash and shares in many tender offers aimed at acquiring minority shares in Ashaka Cement.

    Lafarge Africa had separately launched a Mandatory Tender Offer (MTO) and Voluntary Tender Offer (VTO) to acquire minority shares in Ashakacem. During the MTO and VTO, Lafarge Africa offered 57 new Lafarge Africa shares for 202 AshakaCem shares and a cash consideration of N2 per every AshakaCem exchanged.

    Shareholders of AshakaCem had at an extraordinary general meeting (EGM) in December 2016 approved the resolutions for a voluntary delisting of the company from the NSE. With the approval at the EGM, shareholders were given a 90-day window to decide on the exit plan on offer, in line with the requirements of the NSE on voluntary delisting.

    Within the 90-day period, shareholders had three options. They may decide to trade their shares on the NSE through their nominated stockbroker. Alternatively, they may decide to receive consideration from Lafarge Africa in exchange for transferring their shares, on same terms as were for the MTO and VTO. On the other hand, shareholders may decide to retain their shareholdings in the unlisted AshakaCem.

    The board of Ashakacem said the voluntary delisting and full integration of the company as subsidiary of Lafarge Africa will offer minority shareholders many benefits, including revenue diversification by geography as a result of Lafarge Africa’s operations in Nigeria, South Africa and Ghana.

    They added that shareholders also stand to benefit from revenue diversification by plant location due to wide spread operations across the Northeast, Southeast and Southwest regions of Nigeria.

    According to the board, through the voluntary delisting, the company, which current free float of 15.03 per cent is in violation of the NSE listing rule of a minimum of 20 per cent, will be shielded from any enforcement action or sanction that the NSE may impose due to the violation.

    They noted that a mandatory regulatory delisting that would have resulted from unresolved free float deficiency could damage the reputation of the company.

    Lafarge had on July 9, 2014 received shareholders’ approval to consolidate its cement businesses in Nigeria and combine these with South African operations to create a leading sub-Saharan building materials giant to be known as Lafarge Africa Plc. The consolidation was done by transferring Lafarge’s assets in South Africa and Nigeria to Lafarge Cement Wapco Nigeria Plc.

    Under the transaction, Lafarge Group transferred its direct and indirect shareholdings in Lafarge South Africa Holding Limited of 72.4 per cent and its equity in three other cement companies in Nigeria-United Cement Company of Nigeria Limited, 35 per cent, Ashaka Cement Plc, 58.61 per cent and Atlas Cement Company Limited, 100 per cent to Lafarge Wapco for a cash consideration of $200 million and the issuance of some 1.4 billion Lafarge Africa shares to the Lafarge Group.

  • Engage experts to reduce incidents of building collapse – NSE

    Engage experts to reduce incidents of building collapse – NSE

    Ebonyi chapter, has stressed the need to engage the services of qualified engineers in order to check the high incident of building collapse.

    Ebonyi NSE Chairman, Mr Friday Nweke, who spoke in an interview with the News Agency of Nigeria (NAN) on Friday in Abakaliki, said most of the buildings that collapsed after construction were handled by quacks.

    He said that engaging professionals would reduce to the barest minimum the high incidence of building collapse across the country.
    Nweke said that though the Engineering Regulation Monitoring (ERM), Standard Organisation of Nigeria (SON), and other agencies are tackling the problem, the major solution lies in engaging experts from the onset.

    “The problem we have in this country is that people no long do the right thing; experts are not used, while quacks have taken over the jobs of trained engineers,’’ he noted.

    Nweke also condemned the current trend of converting bungalows to storey buildings, without taking into consideration the consequences.

    “The foundation for bungalow is different from that of a storey building, what people do is to break the wall and cast pillars which is not proper.’’

    Nweke also appealed to block industries owners to stick to standard, rather than mould excess block in order to make outrageous profit.

    He suggested that the media and regulatory agencies should enlighten the people on the need to do the right thing to check the increasing rate of building collapse in the country.

  • Fed Govt, NSE seek $600m investment fund for mining

    Fed Govt, NSE seek $600m investment fund for mining

    The Federal Government (FG) is working with the Nigerian Stock Exchange (NSE) and others to assemble a $600m investment fund for the sector, Acting President, Prof. Yemi Osinbajo has said.

    Osinbajo said this would provide technical assistance for the restructuring and operationalisation of the Solid Minerals Development Fund (SMDF), which will make finance available to the antesinal and small mining operators through micro finance and leasing institutions.

    Osinbajo said the long term goal of the administration is to grow the contribution of the mining sector to GDP by $27b in 2025 which is roughly about 3 per cent of the current GDP.

    The Ag. President, who spoke yesterday in Abuja, at the National Mining Summit, titled, ‘unearthing Nigeria’s mining sector,’ said the government is addressing the lack of geological data in the country.

    He said the Nigerian Geological Survey Agency is undertaking the additional ground investigation nationwide to upgrade the national minerals data base.

    His words, “ The mining sector is a priority for the Nigerian government because it forms a crusial part of our economic growth and diversification agenda. The argument for diversification is straight forward, we are all witnesses to the impact on our revenue and economic issue of the recent decline in oil prices,

    “The Federal Government is determined to achieve growth for the mining sector, inspite of the many legacies that we inherited including low funding, lack of geological data, weak institutional capacity in the supervising ministry, limited infrastructure, limited cooperative federalism, low productivity, illegal mining, weak framework for managing host communities, difficulty in doing business and protacted litigation on legacy assets. We have started tackling these issues head on and I am please to note that the substancial successes we have achieved through the combined efforts of the Federal Ministry of mines and Steel Development and other ministries and agencies of government, development partners and other stakeholders.

    “We have secured funding from both domestic and international sources for investment in the solid minerals sector, the ministry has been granted access to the mining sector components of our natural resources development fund for the sum of N30b an intervention fund from the Federal Government, this is partly to help provide cheap loans and grants to industry participants as well as for directly investing in foundational infrastructure.

    “We are currently working with the Nigerian Soverign Investment Authority, the Nigerian Stock Exchange and others to assemble a $600m investment fund for the sector. Internationally we have secured $150m in funding from the World Bank for the Mineral Sector Support for Economic Diversification (MSSED).”

  • NSE to launch Exchange Traded Derivatives

    The Nigerian Stock Exchange (NSE) has concluded arrangements to introduce Exchange Traded Derivatives (ETDs) into the   market to expand its various investment instruments.

    Speaking at a training on legal and risk aspects of derivatives and central counterparty clearing in Lagos, First NSE’s Vice President, Mr. Abimbola Ogunbanjo, said the Exchange would  launch the ETDs into the market later this year.

    ETDs are variants of derivatives  traded on an organised securities exchange as against those other derivatives traded through informal over-the-counter (OTC) market. Derivatives derive their values from their underlying assets, such as commodities, stocks, bonds, interest rates and currencies as well as other derivatives and indices.

    The introduction of ETDs is expected to further enhance the complexity and breadth of the capital market, following the introduction and listing of an Exchange Traded Fund (ETF) in 2011.

    Ogunbanjo said the development of new and intricate financial instruments such as ETDs will lead to exponential growth in the frontiers of the financial market.

    He noted that derivatives hold great prospects for the market pointing out that with impressive yearly growth of about 24 per cent over the last decade and about €457 trillion of notional amount outstanding in 2014, no other class of financial instruments has experienced as much innovation from its embryotic development to a fully developed and respected financial market than derivatives.

    “We believe that Nigeria’s ETD initiative will eventually develop into a robust market place that can support our growth ambitions as a nation, using South Africa as an example of Africa’s first derivative market,” Ogunbanjo said.

    He said the Exchange has taken a bold step towards providing a strong capacity base in anticipation of the launch of ETDs and to create a viable, efficient, innovative and risk absorbent derivatives market.

    According to him, given the derivatives market’s global nature, users can trade around the clock and make use of derivatives that offer exposure to almost any “underlying” asset class across various global markets.

    He, however, underscored the importance of effective trading and regulatory frameworks and adequate human capacity, noting that the imperatives for a truly functional derivatives market are safety, effective risk mitigation, innovation and efficiency.

    He pointed out that risks, such as counter party risks, operational risks, liquidity risks, systemic and legal risks could be implicit in even the most developed markets citing the global financial crisis between 2007 and 2010 that was mainly fuelled by delinquent underlying assets.

    “Such is the attendant risks that may rear its head in a derivatives market which can have far reaching impact on various global markets and economies. It is imperative that we learn from our past mistakes and ensure the proper construct for risk mitigation is adequately addressed via mechanisms like counterparty clearing (CCPs) transactions and their associated default waterfall structure,” Ogunbanjo said.

    The NSE had in 2013 invited specialists to conduct feasibility study on the viability of ETDs in the  market to lay a workable framework for the new product. Derivatives market is predominantly a professional wholesale market with individuals, corporations, institutions and governments as its main participants.

    One derivative transaction may attract diverse levels of professional financial counterparts across the value chain. There are two competing segments in the derivatives market – the off-exchange or over-the-counter (OTC) and the on-exchange segments (ETDs). From a customer perspective in Europe, exchange trading is eight times less expensive than OTC trading.

  • NSE partners NBA section on development

    THE Nigerian Stock Exchange (NSE) has expressed its desire to partner the Nigerian Bar Association Section Business Law ( SBL) towards national development.

    NSE Chief Executive Officer Mr Oscar Onyema said the Exchange would support NBA-SBL’s activities and collaborate where necessary.

    He spoke when NBA-SBL executives visited the NSE in Lagos.

    Onyema said the Exchange takes issues of law seriously with a view to mitigating risks as much as possible.

    He said: “As you know, we also do have an existing relationship with the NBA as a body and also with SBL.  We currently have an ongoing programme known as the Knowledge Impact Series and the goal is to bridge the knowledge gap in the sector and further enhance services within the capital market.’’

    The visit to the Exchange was part the Section’s awareness drive ahead of its 11th Annual Business law Conference.

    A highpoint of the visit was when Onyema invited representatives of the NBA-SBL Council and the 2017 Conference Planning Committee (CPC) to the floor to ring the Closing Bell/Gong.

    NBA-SBL Chairman Olumide Apata said the section has had a profitable relationship with NSE.

    “Both organisations have been working to ensure that high-quality legal service is being provided for the market,” he said.

    On the forthcoming conference, he said: “The 11th Annual Business Law Conference of the NBA-SBL will hold from June 18 to June  20 at the Eko Hotel in Lagos. We came here to tell them about it and to ensure they plan to attend.

    “We are quite sure they will be there, because we have the General Counsel of the stock exchange as on of our keynote speakers at the conference

    “We also have a capital market committee at our own council of the Business Law Section. Through our capital market committee, we have always collaborated with Stock Exchange Resource persons to help talk to our lawyers understand better the workings of the market. we can only serve the market effectively if we understand how the market runs.

    “They give us technical assistance in terms of helping people understand what the market is about and we in turn help with regards legal trainings on the same subject matter but from the legal point of view.’’

    On the significance of the closing Gong,  chairman of the 2017 Conference Planning Committee Ms Olubunmi Fayokun said: “We are an integral part of the business market in Nigeria. One of the key things that we do is to build capacity within business environment.

    ”By way of this partnership, there have been a number of training programmes which have been organised by Stock Exchange. We assist in training them and they also assist in training our lawyers.

    “NBA-SBL has a programme called the knowledge impact series where we go to the Nigerian Law School to teach Young Nigerian lawyers about capital market practice.

    “We tell them about is the Nigerian stock exchange and how integral it is to the capital market in Nigeria. We look forward to other opportunities for collaboration with the NSE.’’

  • Stock Exchange may expel 56 inactive firms

    Stock Exchange may expel 56 inactive firms

    The Nigerian Stock Exchange (NSE) has marked out about 56 dealing-member firms as inactive, kick-starting the revocation of their licences and expulsion from the  stock market.

    The Nation had earlier reported exclusively the revocation and expulsion of 88 firms in the past five months.

    The Nation’s check at the weekend indicated that nearly a quarter of of firms at the Exchange has been marked as inactive, a reference to dealing firms on the watch-list for delisting.

    A breakdown of the status of dealing-member firms at the Exchange at the weekend showed that there were 197 active firms and 56 inactive. Already, a total of 163 firms have been expelled since capital market authorities began the weeding.

    Under the Exchange rules, where a dealing member is inactive for six months, the Exchange shall revoke its licence.

    “Under  no  circumstances  shall  a  dealing  member  cease  to  carry  out  its  day  to  day business activities for which it was licensed to operate without any reasonable cause,” according to the NSE’ rules.

    A dealing member may be deemed inactive voluntarily and involuntarily. Voluntary if the firm has not recorded any trading without suspension by the Exchange or Stock exchange Commission (SEC). Involuntary inactivity occurs where the firm has been suspended by the NSE or SEC for infraction.

    However, where a firm has been involuntarily inactive for six months, the Exchange can determine whether to revoke the firm’s dealing licence.

    “Where the Exchange revokes a dealing member’s licence, the Exchange shall immediately commence the process of expelling such dealing member,” the rules stipulated.

    Also, under the rules, suspension of any stockbroking firm by SEC will lead to immediate suspension by the NSE while revocation of any broker’s registration will lead to expulsion of the firm by the NSE.

    “Without  prejudice  to  all  the  remedies  open  to  the  dealing  member,  where  a  dealing member is suspended by the Commission, as soon as the Exchange is notified, it shall immediately  commence  the   process   of  suspension or  expulsion of   the   dealing member.

    “Where a Dealing Member’s registration is revoked by the Commission, as soon as the Exchange  is  notified,  it  shall  immediately  commence  the  process  of  expulsion  of  the dealing member,” the rules stated.

    The firms marked out as inactive included Adamawa Securities Limited, Aims Asset Management Limited, Arian Capital Management Limited, Bestlink Investment Limited, Bytofel Securities and Investment Limited, Cadington Securities Limited, CEB Securities Limited, Clearview Investments Company Limited, Covenant Securities and Asset Management Limited, Cradle Trust Finance and Securities Limited, ECL Asset Management Limited, Excel Securities Limited, Finbank Securities and Assets Management Limited, Gem Assets Management Limited, GMT Securities and Asset Mangement Limited, Gombe Securities Limited, Horizon Stockbrokers Limited, International Standard Securities Limited, Investment Shark and Asset Mgt Ltd, ITIS Securities Limited, Kakawa Asset Management Limited, LB Securities Limited, Lion Stockbrokers Limited, LMB Stockbrokers Limited, Mact Securities Limited, Mainland Trust Limited, Marimpex Finance and Investment Company Limited, Maven Asset Management Limited, Mercov Securities Limited, Midpoint Capital Limited, ML Securities Limited, Monument Sec and Finance Limited, Mutual Alliance Investment and Securities Limited and Northbridge Investment and Trust Limited.

    Others were Options Securities Limited, Partnership Securities Limited, Perfecta Investment and Trust Limited, PML Securities Company Limited, Professional Stockbrokers Limited, Profund Securities Limited, Redasel Investments Limited, Resano Securities Limited, Resort Securities and Trust Limited, Shalom Investment and Financial Services Limited, Stanwal Securities Limited, Summa Guaranty and Trust Company Limited, Supra Commercial Trust Company Limited, Surport Services Limited, Tower Asset Management Limited, Transafrica Financial Services Limited, and UIDC Securities Limited.