Norrenberger acquires 4.35% stake in NASD for N1.3bn
Norrenberger Securities Limited has purchased a 4.35 percent equity stake in NASD Plc for 1.306 billion naira, establishing itself as a major shareholder in the over-the-counter market. The transaction involved acquiring shares from three GTI Group entities at a significant premium over the current market price.
Market analysts view this investment as a strong institutional endorsement of the OTC exchange. They suggest the premium price reflects a forward-looking valuation of NASD, which has demonstrated substantial growth and profitability under its managing director, Eguarekhide Longe. The exchange’s recent financial performance, including its first cash dividend, underscores this potential.
This strategic move positions Norrenberger at the center of alternative capital raising. Analysts indicate it could influence the exchange’s direction toward digital securities and new listings. The deal also challenges perceptions of market illiquidity and establishes a new valuation benchmark for NASD shares.
