Sec values 38 firms with 41.1m shares

The Securities and Exchange Commission valued a total of 41.1 million shares worth N52.7 million for 38 companies between April and June this year. This compared favourably with the preceding quarter (January – March) when only 22 companies with securities amounting to N10,104,355 involving 7,407,735 share were valued.
When compared with the same period of last year, the figure for this quarters shows a fall of 47.8% and 28.05% in value and volume respectively.
According to SEC of the 38 companies that were valued during the quarter under review 8 made offers for subscription which accounted for 6.55% and 19.25% of volume and value respectively.
SEC also said that nine companies offered Right Issues, accounting for the bulk of valuation in both volume and value.
SEC also valued 21 companies with offers for the sale which accounted for 23.57% and 30.15% of volume and value respectively.
According to SEC, all companies valued except for one were private companies.
The only publicity quoted companies Dunlop Nigeria Ltd was valued in respect of its 6,123,414 ordinary shares of 50 kobo each offered for sale to the public on behalf of the Nigerian Rubber Board.
Nigerian Rubber Board, according to SEC, would sel off its shares in Dunlop in line with Federal Government dissolution of al commodity boards.
There was no offer of debenture or preference shares in the market during the quarter unless review.