Nigeria's sold-off state power companies may be required to list on the nation's stock exchange within five years, the head of the market regulator sa (more)
Nigeria's sold-off state power companies may be required to list on the nation's stock exchange within five years, the head of the market regulator said, as the bourse targets a $1 trillion market value by 2016.
The government approved bids this year by companies including Siemens AG (SIE), Korea Electric Power Corp. (KEP) and Transnational Corp. (TRANSCOR) to buy stakes in utilities as Africa's biggest oil producer seeks private investment to curb power cuts which are a daily occurrence. Requiring the companies to list shares would make the exchange more representative of the country's economy, Securities and Exchange Commission Director General Arunma Oteh said in a Dec. 21 interview in her office in the capital, Abuja.
Only about 17 percent of Nigeria's economy is reflected on the market, according to Oteh. The Nigerian Stock Exchange, sub- Saharan Africa's second largest bourse, has attempted to encourage listings and bring bigger trading volumes by introducing short selling, market making and securities lending this year. The bourse has a current value of $54.6 billion, according to data compiled by Bloomberg.
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