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Investors await listing of CWG on NSE

By on October 29, 2013

Strong indications have emerged that investors are awaiting the listing of leading pan-African Information Communications Technology (ICT) company, Computer Warehouse Group (CWG) on the Nigerian Stock Exchange (NSE) in November.z

THISDAY had reported the proposed listing of the 2.5 billion shares of the company at N5.48 per share. The Managing Director of Cordros Capital Limited, one of the financial advisers to CWG, Mr. Wale Agbeyangi, confirmed the proposed listing to THISDAY in interview last Friday, saying investors are eagerly waiting to buy into the company so as to diversify their portfolio and reap significant returns.

The joint financial adviser to CWG is  Stanbic IBTC Capital Limited. Agbeyangi said many investors have been making enquiries on how to be part of company, which was said to have posted an average return of equity in excess of 20 per cent between 2008 and 2012.
“The excitement is understandable, considering the performance track record of CWG and the great future prospects. We are concluding necessary arrangements for the listing and come  middle of November the shares would be listed for investors to acquire on the NSE,” Agbeyangi said.

The company has a diversified customer base including   customers in telecom, oil & gas, government, education, manufacturing, and financial services sectors with operations in 18 of 36 Nigerian states and regional operations in Ghana, Cameroon and Uganda. Some of its customers include: Exxon Mobil, Royal Dutch Shell, First Bank of Nigeria, United Bank for Africa, Unilever, Cadbury, Nestlé, Etisalat and MTN Group amongst others.

CWG, which has Mr. Austin Okere as Founder and Group Chief Executive Officer, has prominent individual and corporate shareholders including Aureos Africa Fund LLC, a leading private equity firm.

CWG currently provides ICT infrastructure support to 14 of the 22 banks in Nigeria, and the largest data centre in Africa outside of South Africa. It has also deployed and supports over 3,500 automated teller machines (ATMs) in Nigeria out of the installed base of about 11,000 ATMs. In terms of software, CWG has deployed and supports the Finacle banking application which is being used by eleven financial institutions in Nigeria.

 

 

[This Day]