Technical Committee Update on Attraction of New Listings Initiatives
The Technical Committee on Attraction of New Listings provides an update on initiatives aiming to increase the number of listed companies on exchanges. The mandate includes proposing strategies, undertaking advocacy, and implementing various activities. Specific initiatives involve engaging with industry groups, identifying opportunities, and incentivizing listings through tax incentives and privatization efforts. The comprehensive plan outlines timelines, tasks, and deliverables to achieve the committee's objectives effectively.
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TECHNICAL COMMITTEE ON ATTRACTION OF NEW LISTINGS UPDATE ON NEW LISTINGS INITIATIVES UPDATE ON NEW LISTINGS INITIATIVES for CAPITAL MARKET COMMITTEE (CMC) CAPITAL MARKET COMMITTEE (CMC) October 24
|OUTLINE OUTLINE OUR MANDATE OUR MANDATE 1 UPDATE ON INITIATIVES UPDATE ON INITIATIVES 2 2 UPDATE: ENGAGEMENTS WITH MDA S UPDATE: ENGAGEMENTS WITH MDA S 3 NEXT STEPS NEXT STEPS 4 CHALLENGES TO IMPLEMENTATION CHALLENGES TO IMPLEMENTATION 5 October 24 2
|OUR MANDATE OUR MANDATE Mandate: Mandate: To drive advocacy and other activities towards increasing the number of listed companies on our exchanges. Broad Terms of Reference are: Propose strategies to attract listings form target sectors Undertake relevant advocacy Undertake any other activity that may be relevant to the achievement of its mandate October 24 3
|UPDATE ON INITIATIVES UPDATE ON INITIATIVES TC TC Initiative: Initiative: Attracting More Listings Attracting More Listings Indicative Indicative Timeline Timeline Initiatives Initiatives Tasks Tasks Deliverables Deliverables Status Status ( (i i) Create list of prospective industry groups ) Create list of prospective industry groups (ii) Create timelines for sensitization (ii) Create timelines for sensitization Identify Industry groups to be sensitized Identify Industry groups to be sensitized 30 30- -Aug Aug- -16 16 Done Done (A) Engagement with Industry (A) Engagement with Industry Groups to explore listing Groups to explore listing opportunities opportunities Preliminary Preliminary meeting with each meeting with each industry industry group group Get feedback on impediments to listings Get feedback on impediments to listings 30 30- -Nov Nov- -16 16 Done Done Follow up meeting with industry groups Follow up meeting with industry groups Secure Secure Listing Listing buy buy- -in in 15 15- -Dec Dec- -16 16 On On- -going going High High- -Value Issuers engagement (e.g. NNPC Value Issuers engagement (e.g. NNPC/ Minister of State for Petroleum) for Petroleum) / Minister of State Tentative Tentative l listing isting commitment, structure & timetable commitment, structure & timetable 15 15- -Dec Dec- -16 16 On On- -going going Identify MDA's to be engaged Identify MDA's to be engaged List of MDAs, presentations, timelines and dates. List of MDAs, presentations, timelines and dates. 30 30- -Aug Aug- -16 16 Done Done Prepare report on listing incentives. Prepare report on listing incentives. Prepare report on incentives that will encourage listing Prepare report on incentives that will encourage listing 30 30- -Sep Sep- -16 16 Done Done Engage FIRS/ Engage FIRS/MoF MoF on granting incentives on granting incentives Engage on tax incentives to encourage listing Engage on tax incentives to encourage listing 15 15- -Dec Dec- -16 16 On On- -going going Engage BPE Engage BPE Identification of SOEs to be sold/ privatized SOEs with listing Identification of SOEs to be sold/ privatized SOEs with listing clauses clauses 1 1- -Dec Dec- -16 16 On On- -going going (B) Engagement with MDAs to (B) Engagement with MDAs to promote and incentivize listing promote and incentivize listing Engage Engage with ministry of finance on the possibility of listing with ministry of finance on the possibility of listing government assets in their portfolio. government assets in their portfolio. Engage Ministry Engage Ministry of Finance of Finance 15 15- -Dec Dec- -16 16 On On- -going going Engage National Council on Privatization(NCP) Engage National Council on Privatization(NCP) Commitment to encourage listing of Privatized Enterprises Commitment to encourage listing of Privatized Enterprises 1 1- -Dec Dec- -16 16 Yet to be done Yet to be done Engage Ministry of PW&H/NERC Engage Ministry of PW&H/NERC Status of listing clauses for DISCOS & GENCOS Status of listing clauses for DISCOS & GENCOS 9 9- -Nov Nov- -16 16 Done Done Engage Ministry of Communications and Information Engage Ministry of Communications and Information Technology/NCC Technology/NCC Get Buy Get Buy- -In In on ( (i i) Engage SEC on rules impeding issuer listing ) Engage SEC on rules impeding issuer listing (ii) Engage SEC on (ii) Engage SEC on regulatory regulatory initiatives initiatives that would support that would support listing based on listing based on feedback feedback from Industry Groups from Industry Groups on encouraging listing of Telecoms encouraging listing of Telecoms 1 1- -Dec Dec- -16 16 Done Done (C) Engagement with (C) Engagement with capital market market regulators regulators capital Engagement with SEC Engagement with SEC 15 15- -Nov Nov- -16 16 On On- -going going Engage SEC/NSE to fast track listing by streamlining listing Engage SEC/NSE to fast track listing by streamlining listing process process Engagement with SEC/NSE Engagement with SEC/NSE 15 15- -Nov Nov- -16 16 On On- -going going
|UPDATE: ENGAGEMENTS WITH MDAs UPDATE: ENGAGEMENTS WITH MDAs AGENCY AGENCY AMCON AMCON Asset Management Company of Nigeria KEY HIGHLIGHTS KEY HIGHLIGHTS AMCON recognizes the need to contribute to the development of the Nigerian capital market, through issuances of REITs; exiting equity holdings through the capital market; and participating in the securities lending market. A sub-committee was set up to work with AMCON to develop a viable framework for AMCON to access the capital market. The BPE explained the challenges it faces in listing SOEs in the capital market. BPE BPE Bureau of Public Enterprises A sub-committee was set up, comprising members of the TC and the BPE. The TOR of the sub-committee and its implementation framework has been developed. The intent of the sub-committee is to examine SOEs and privatized companies, which can be listed in the capital market and also develop a roadmap to bring these companies to the market in the least time possible. A previous engagement was held with the BPP where it was decided that the TC should develop a proposal on preferential procurement policy for listed companies. BPP BPP Bureau of Public Enterprises The proposal was developed and presented to the BPP, and they showed willingness to work with the TC in implementing the proposal. MoFI is the custodian of assets owned by the Government. MoFI MoFI Ministry of Finance Incorporated MoFI provided the TC with an updated list of all assets owned by the Government for further engagement with the ministry of finance.
|NEXT STEPS NEXT STEPS BPE BPE TC s sub-committee on BPE, to work on resolving challenges facing the listing of SOEs and privatized companies in the market; identify list of SOEs that can be listed; and develop viable framework to bring these SOEs to the market in the shortest possible time. AMCON AMCON TC s sub-committee on AMCON to resolve challenges facing AMCON in issuing REITs; exiting equity holdings through the capital market; and participating in the securities lending market. BPP BPP Further engage the BPP on how the incentive on preferential procurement policy for listed companies can be incorporated into BPP s guidelines. Follow Follow up Partnership with NNPC. up Follow-up on preliminary meetings with IPMAN, REDAN, MAN and Joint Continue engagements with other regulators and industry groups such as MOFI and African Private Equity and Venture Capital Association (AVCA). Make input into report of NSE/SEC Committee on streamlining of listing process as this has a considerable impact on the TC s mandate. Hold a listing and issuance conference involving all stakeholders in the market. October 24 6
|CHALLENGES TO IMPLEMENTATION CHALLENGES TO IMPLEMENTATION Budget for listings and issuance round table conference: The TC would require support from regulators and CMOs for a successful conference. October 24 7
