Lafarge Africa to leverage Stock Exchange premium board status to strengthen integrity
Ajose Sehindemi is Businessamlive Reporter.
You can contact him on ajose.sehindemi@businessamlive.com with stories and commentary.
Michel Pucheros, Lafarge Africa Plc’s managing director says the company would leverage its new Premium Board status on the Nigerian Stock Exchange (NSE) to strengthen integrity in all areas of its operations.
Puchercos said the company would continue to maintain integrity in its operations as well as comply to rules and regulations as it had adopted the LafargeHolcim Code on Ethics and Business Conduct to ensure that all directors, officers, and employees shared a common commitment to conducting business with integrity.
He said the code also ensures compliance with existing rules and regulations relevant to the company’s operations as he urged the other companies on the Premium Board to leverage their new status for the overall good of the investing public.
Lafarge Africa on April 16 migrated to the elite Premium Board of the Nigerian Stock Exchange (NSE) alongside Access Bank, United Bank for Africa (UBA) and Seplat Petroleum Development Company Plc.
The Premium Board is NSE’s listing segment for showcasing companies that are leaders in their sectors and it features companies that adhere to international best practices on corporate governance and satisfy NSE’s highest standards of capitalisation and liquidity.
It also serves as a benchmark for investors looking to track the performance of large firms with excellent corporate governance and sustainable business models.
The Premium Board opens new frontiers to attract investment from global fund managers and portfolios and to be listed on the Premium Board of the NSE, the aspiring companies must attain a minimum market capitalisation of N200 billion as at the date of application.
They are also required to have a minimum score of 70 percent on the Corporate Governance Rating System (CGRS) and must maintain a minimum free float of 20 percent of their issued share capital or a free float value equal to or above N40 billion, as well as meet other standard listing criteria.
The NSE Premium Board and the associated Premium Board Index were launched on Aug. 25, 2015.