Notore applies to list shares on Nigerian Stock Exchange

NSE16 July 2014, Lagos – The Nigerian Stock Exchange (NSE) is to set to list the third company this year as Notore Chemical Industries Limited has formally applied to list its shares on the exchange.

The NSE has listed Seplat Petroleum Development Company Plc and Caverton Offshore Services Group Plc so far this year. However, it was gathered that the NSE will soon list the shares of Notore. Sources close  to the exchange confirmed to THISDAY that Notore has formerly applied to the NSE preparatory to its listing.

The company had since 2012 disclosed its intention to be quoted on the NSE. However, nothing happened in that regard the whole of last year.

“I can confirm to you that the application of Notore is with the NSE and is going through the necessary process,” a source close to the NSE said.

It is believed that the listing of Notore would give investors opportunity to diversify their investment in another area of agric business.

Notore, which is an agro-allied and chemical company owned by a consortium of private and foreign institutional investors. The company is currently championing the African green revolution by supporting local food production on the continent.

The company was established in 2005 after the acquisition of the liquidated assets of National Fertiliser Company of Nigeria (NAFCON) by the Bureau of Public Enterprises (BPE).

Notore, in the recent past, received commendation from the Minister of Agriculture, Dr. Akinwumi Adesina, for its major role in the federal government’s efforts to transform the agric sector and become the mainstay of the nation’s economy.

Notore fertiliser plant is said to be the only urea fertiliser plant in sub-Saharan Africa, thus making the firm perfectly positioned to become Africa’s major fertiliser supplier.

The company has successful penetrated into the Nigerian fertiliser market by establishing an efficient nationwide distribution and sales network that is supplying fertiliser directly to Nigerian farmers.

Apart from its chemical business, Notore has also diversified into power generation by floating  Notore Power. It is an indigenous Independent Power Producer (IPP).

Incorporated in August 2007, Notore Power was initially established to optimally manage power resources for its parent company and maximise the full earning potential of the Notore Group.

However, the company now has the mandate to benefit from the recent power sector reforms in Nigeria. The reforms have given privately owned power generating companies the license to generate, distribute or supply power, an opportunity that hitherto belonged to the state owned Power Holding Company of Nigeria (PHCN).

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