CWG deeps capital market by N14bn, Lists its shares on The NSE

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 The Chief Executive Officer of CWG, Austin Okere,

 

From Benjamin A Aameh, Lagos

 

The Nigerian Capital Market community witness a landmark of indigenous ICT firms list their shares on Friday November 15, 2013 on the daily official list of The Nigerian Stock Exchange (NSE).

The listing by introduction of the shares of Computer Warehouse Group (CWG) Plc have increased the market capitalisation of The NSE by about N14 billion also CWG is the highest capitalised security in the ICT sector of the Nigerian bourse.

The Chief Executive Officer of CWG, Austin Okere, who was enthusiastic about the company going public, revealed that with a seed capital of about N160,000 in 1992, the company received a valuation of N6.97billion in 2009 from Vetiva Capital for its private placement and the issue was oversubscribed with Private Equity firm Aureos Capital LLC taking up a major chunk, defying the depressed atmosphere of the global economic recession at that time.

“CWG seems to be on track to repeat this feat on its listing, at a target share price of N5.48 -just about doubling its private placement price of N3.40 in 2009 albeit in a very challenging environment characterised by significant slowdown in global economic progression.”

The CEO who is also the founder of CWG said that the share listing, which had been in the pipeline for some months, would give the company more visibility and aid it to achieve its vision of being the number one Information Technology Service enabler in Africa by 2015.

Okere noted that the company’s best is yet to arrive as CWG has over the years built a copious amount of its turnover into annuities from deploying its own Intellectual Property (IP), to enable financial inclusiveness in Mobility.

He further pointed out huge opportunity in future that the recently announced of Yello Diamond Account, which will bring banking services to over 55 million Mobile phone subscribers and the MTN XaaS product, which will provide Financial services in the cloud for the over 1,000 Microfinance banks and their customers on a Pay As You Use basis.

The founder said, “We have very good products and services that are enjoying very good patronage -about 12 of the large banks in Nigeria run on the Finacle Core banking Application, which CWG jointly

promotes in West Africa with Infosys International, processing close to 70% of all financial transactions in Nigeria and used by the likes of First Bank, UBA, Stanbic, FCMB et al.”

“CWG has taken advantage of its early mover status in the surge in ICT outsourcing demands to provide the service for the largest Telecommunication Company in Nigeria and the largest Downstream Company in the Oil & Gas sector in Nigeria.” added Okere

He expressed confidence that Computer Warehouse Group would be well received in the capital market as investors stood to gain significantly in the years ahead. “We are very certain that our shares would be well received by the market community, because we are in the ICT sector and Information Technology products and services will continue to be in high demand,” he stated.


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