Lagos — The Nigerian Stock Exchange (NSE), has announced the approval of N52.5 billion worth of new issues for four companies by its quotation committee in a bid to encourage more participation in the capital market.

The companies that have different categories of issues approved for them include Beco Petroleum Plc in Petroleum (marketing) sub-sector, Guaranty Trust Insurance in the Insurance, Cadbury Nigeria Plc in Food Beverage/Tobacco and Crusader Nigeria Plc in Other financial institutions sub-sector.

A statement signed by the NSE spokesperson, Mr. Sola Oni, held that market analysts are of the view that the development is an indication that investor confidence is back in the market.

Guaranty Trust Assurance Plc got approval for listing by introduction of 10 billion ordinary shares of 50 kobo at N3 per share. The listing of the insurance company would add N30 billion to the market capitalisation of The NSE. Guaranty Trust Assurance Plc which was incorporated in June 1989 as Heritage Assurance Company Limited, is a subsidiary of Guaranty Trust Bank Plc. The Issue was introduced by Lead Securities & Stockbrokers Limited.

Also approved by The Council of The Exchange was Beco Petroleum Product Plc's approval for listing by introduction of 3.72 million ordinary shares of 50 kobo each at N5 per share. The listing would add N18.583 million to the market. Beco Petroleum Products Limited was incorporated in 1986 and started business operations in 1987. The company engages in the provision of diverse services to the downstream and upstream segments of the petroleum sector of the Nigerian Economy. The issue was introduced by Valueline Securities & Investment Limited.

Crusader (Nigeria) Plc's supplementary listing of postconsolidation and adjustment of 120.2 million ordinary shares of 50 kobo each at N2.16k was approved. The value of the listing would stand at N259.682 million. The issue was introduced by Capital Bancorp Limited

Cadbury Nigeria Plc got the Council's approval for Rights Issue of 2.6 billion ordinary shares of 50 kobo each at N8.65k per share. The issue was introduced by Stanbic Stockbrokers Limited