BOWS makes mandatory takeover bid of Courville

Courtville Business Solutions Plc has said that BOWS Nigeria Limited, a majority shareholder (67.01%) has made a proposal to buy the 32.99% held by the other shareholders through a Mandatory Takeover Bid (MTO). BOWS Nigeria Limited has obtained SEC’s approval to launch the MTO priced at ₦0.48k per ordinary share net of any applicable tax. The tender offer will open on the 22nd of February 2023 and close on 22nd March 2023.

Meanwhile Nigeria Exchange Limited extends gains for the fifth consecutive session, the Lagos bourse closed higher as the benchmark index gained 0.86% to settle at 55,806.26 points. Gains in industry heavyweight, DANGCEM (+2.21%) alongside Tier-1 banking names ZENITHBANK (+2.12%) and GTCO (+2.50%), were the main drivers of the market’s overall performance. Consequently, the year-to-date (YTD) return rose to 8.89% while the market capitalisation rose by ₦260.31bn to close at ₦30.40tn.

Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 184.78%. A total of 237.17m shares valued at ₦4.39bn were exchanged in 4,435 deals. FIDELITYBK (+2.00%) led the volume chart with 39.98m units traded while DANGCEM (+2.21%) led the value chart in deals worth ₦1.58bn.

Market breadth closed positive at a 6.00-to-1 ratio with advancing issues outnumbering declining ones. STANBIC (+9.88%) topped twenty-nine (29) others on the leader’s log while FLOURMILL (-8.44%) led four (4) others on the laggard’s table.

Find below key highlights of market activities

Dividend Information for 2023

Source: Coronation research