Haldane McCall Plc will list 3.12 billion shares on the Nigerian Exchange Limited (NGX) after approval on October 10.
The shares will debut at ₦3.84 each, boosting NGX’s market capitalisation by nearly ₦12 billion.
Established in 2012, Haldane McCall has become a notable real estate and hospitality group in Africa’s emerging markets, known for its Suru Express Hotels and Suru Homes brands in West Africa.
The company will list 3.122 billion ordinary shares at 50 kobo each, debuting at ₦3.84 per share.
Consequently, analysts anticipate that this listing will increase the NGX market capitalisation by ₦11.98 billion.
Furthermore, the company appointed Finmal Finance Services Limited as the stockbroker for this listing, which the NGX approved on October 10.
Haldane McCall believes this move will strengthen its position in the West African real estate and hospitality sectors.
In fact, the firm has successfully developed luxury residential apartments in Ikeja GRA, a high-end area of Lagos, while still holding valuable properties for future development.
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Moreover, following intervention from the Central Bank of Nigeria, the company has streamlined its focus on real estate and hospitality.
Looking ahead, it aims to open 45 budget hotels under the Suru Express brand and develop 100 low-cost residential units, thereby supporting the Federal Government’s initiative for affordable housing.
To realise these goals, Haldane McCall has acquired a significant tract of land in Lagos State, thus positioning itself to make a meaningful contribution to the housing market in Nigeria’s commercial hub.
