The Growth and Development Asset Management Limited’s Money Market Fund yesterday got listed for trading on the floor of the Nigerian Stock Exchange (NSE).
The NSE admitted 200 million units of shares brought to the floor of the exchange by the company, at N10 per unit.
At the listing ceremony, the Executive Director of Regulation of the NSE, Mrs. Tinuade Awe, said the company had over the years proven to be one with good reputation and worthy of being listed on the exchange.
In an interview with THISDAY, the Chief Executive Officer, GDL Mr. Kola Ayeye said: “The significant of this event for us at GDL starts with the fact that we took over this company three and a half years ago.
“We acquired it from one of the oldest core houses. And within these period to make our maiden introduction; we are very glad. And it is a start of what will be a fruitful and long association with the market.
“Essentially, this fund, being a money market fund Is much more insulated from the economy than equities. Money market is much more a function of monetary policies.
“It is not as correlated to the fundamentals of the economy as much as the equity.”
He added: “We went to the market for N1 billion, in a market that has been this soft. We were able to make do with almost N1.2 billion, which is something we are very grateful for. This is an addition to the market.
“You will reckon the market has been a bit north and south this year. But we are glad that this year, we have been able to do a fund that succeeded. Our contribution to the market by adding these funds to the memorandum listings of the market is significant”.
Also in an interview with THISDAY, the Co-Chairman of GDL, Mrs. Nadu Denloye said, the company had a very successful subscription of N1 billion money market funds which was fully subscribed.
She added that they decided to list on the NSE so as to give opportunities for trading.
Thereby expressing believes “that this will be the first of other funds that we will be able to list in the market.”