NSE Lists N2bn Greenwich Money Market Fund
Tuesday, March 7, 2017
The Nigerian Stock Exchange (NSE) on Tuesday, March 7, 2017, admitted 20 million units of the Greenwich Plus Money Market Fund at N100 per share with a market capitalization of N2 billion. The listing followed a successful Initial Public Offer (IPO), which was over subscribed by 44.85 per cent.
Speaking at the listing, the managing director, Greenwich Trust Limited, Mr. Kayode Falowo said "the listing was a great feat in view of recent economic and financial market conditions. He noted that the listing was remarkable to Greenwich Trust Group, adding that 48 per cent over-subscription attests to the confidence investors have in the capability of the Fund Manager, Greenwich Asset Management".
Mr. Falowo appreciated the acceptance of the fund by the broker dealer community, whom he said ensured a successful roll out for the fund. "Let me thank the stockbroking community for assisting and ensuring that not only did we raise N1 billion, but we end up raising N1.45 billion.”
He added that “Our choice to list the Greenwich Plus on NSE is to promote the transparency and visibility of the Fund. The Fund remains open and its core objectives are to achieve a competitive rate of return and generate a steady stream of income for unit holders and the company will continue to grow it.”
Mr. Falowo called on all stakeholders to support all market development initiatives of the regulators. "This is a time for every one of us to support the initiatives of the NSE and the SEC in ensuring that we focus as much as possible on mutual funds".