Skye Bank lists N20bn worth of shares

Friday Ekeoba and Sherifat Rasheed, Lagos - 27.02.2008

The Nigerian Stock Exchange (NSE), on Tuesday, listed the N20 billion worth of Shelter fund shares of Skye bank Plc on its daily official list.

With the listing investors in the fund, subscribers can now trade on their investment while other investors who wish to invest in the fund can buy through the secondary market on the exchange.

The fund was listed on the exchange on Tuesday at a unit price of N100.00, but before the close of trading it gained the maximum price appreciation of 5 percent to close the day at N105.00.

Speaking at the listing, the Deputy Managing Director of the bank, Mr. Kehinde Durosimi-Etti assured investors that the money would be utilized judiciously so as to enable investors have maximum returns on the investment.

He said the money would be deployed to the creation of estates, hotels and hospitality.

According to him, in the meantime the bank is proposing a dividend of N19.70 kobo and N23.30 kobo for the year ending 2008 and 2009 respectively.

It will be recalled that the bank late last year, floated 20 million units Shelter fund at a price of N100.00 per unit and according to the bank, the offer was heavily oversubscribed.