Infrastructure Bank, formerly known as Urban Development Bank of Nigeria, has listed shares worth N3.2 billion on the NASD OTC Securities Exchange.
The listing has paved the way for investors to buy and sell shares of the development bank
Infrastructure Bank, formerly Urban Development Bank of Nigeria Plc, dematerialised 6.206 billion ordinary shares of 50 kobo each at 52 kobo per share on the NASD.
Infrastructure Bank joined 11 formerly Mobil Oil Nigeria Plc, and Capital Bancorp Plc, which also recently listed their shares on NASD OTC Securities Exchange.
The NASD OTC Securities Exchange is the government-approved over-the-counter (OTC) platform for trading in unlisted public companies.
NASD has assured companies and investing public of an orderly and transparent market for shares to be traded noting that once there is transparency, investors have some comfort in the type of transactions taking place.
“NASD can also, by its structure and rules open securities to trade between 24-48 hours, with its only requirement being that the securities being introduced are registered at Securities and Exchange Commission (SEC) and complies with the capital market regulations,” NASD stated.
NASD pointed out that OTC platform has been created for securities that are not listed on any other securities exchange providing a secure regulated platform for Investors to trade on them.