Haldane McCall Plc, a prominent player in the Real Estate and Hospitality sector, has officially become a listed company on the Nigerian Exchange Limited (NGX). The company’s introduction to the Main Board includes 3.122 billion Ordinary Shares, each valued at 50 kobo, priced at N3.84 per share. Following its listing, the share price experienced a notable increase of 10 percent.
During the official admission ceremony, which featured a Closing Gong Ceremony and a presentation titled “Facts behind the Listings” by Dr. Edward Akinlade, the Group Managing Director of Haldane McCall, the company was welcomed into the Daily Official List of NGX.
In his address, Alhaji Umaru Kwairanga, the Group Chairman of NGX, praised Haldane McCall’s Board for their decision to pursue listing, highlighting it as a testament to transparency in information disclosure. He emphasized that the listing benefits both the market and the company, offering a reliable platform for capital raising and formation.
Dr. Akinlade explained that the company sought listing not only for enhanced visibility but also to create opportunities for raising long-term funds for expansion. He outlined Haldane McCall’s unique business model, stating, “We buy land from banks, develop it, and sell. We actively trade and do not engage in problem assets. Our objective is to build affordable housing for Nigerians and expand our operations through company acquisitions.” A brief overview of Haldane McCall’s recent acquisitions includes 100 acres at Majidun, Ikorodu, 4,120 sqm at Opebi Road, Ikeja, 30 acres in Isihun, Abeokuta, Ogun State, 3,310 sqm at Akin Olugbade, Victoria Island, and 1,200 sqm at Alade Street, Ikeja.
Looking ahead, Dr. Akinlade detailed Haldane McCall’s future plans, which include the development of 1,000 affordable housing units in Lagos over the next five years, building 100 middle-class homes annually in Lagos, 50 rental homes in Porto-Novo, Republic of Benin, and expanding the company’s land banking holdings.
He assured stakeholders of the company’s strategic vision and growth trajectory, promising sustained growth in net profits, regular dividend payments of 30 percent of net earnings, robust investor relations to build confidence, and timely reporting in line with NGX’s Post Listing Requirements.
Jude Chiemeka, the Chief Executive Officer of NGX, congratulated Haldane McCall on its successful admission, noting that NGX operates as a multi-assets exchange, affiliated with the World Federation of Exchanges (WFE) and having partnerships with various prestigious exchanges internationally. He encouraged the company’s Board and Management to adhere to the Post Listing Requirements to ensure investor protection.
The ceremony culminated with the symbolic ringing of the market gong by Chief George Oguntade, SAN, the company’s Chairman. The event was attended by several directors from Haldane McCall, including Royal Majesty Nosirudeen Akanbi, the Oba Onisasa of Shasha in Lagos.